Cullinan Therapeutics (NASDAQ:CGEM) Insider Jennifer Michaelson Sells 30,000 Shares

Key Points

• Insider sale: Jennifer Michaelson sold 30,000 Cullinan Therapeutics shares for approximately $607,800, reducing her direct ownership by 15.56% to 162,844 shares.
• Stock performance: CGEM shares rose 3.6% to $20.34, near their 12-month high of $21.00, while the company has a $1.31 billion market capitalization.
• Analyst outlook: The stock carries a “Moderate Buy” consensus rating with an average price target of $32.86, despite the company narrowly missing quarterly EPS estimates and reporting a loss.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) insider Jennifer Michaelson sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total value of $607,800.00. Following the transaction, the insider directly owned 162,844 shares of the company's stock, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Jennifer Michaelson also recently made the following trade(s):

• On Monday, July 6th, Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock. The shares were sold at an average price of $17.82, for a total value of $142,560.00.

Cullinan Therapeutics Stock Up 3.6%

Shares of Cullinan Therapeutics stock traded up $0.70 during trading on Friday, reaching $20.34. The company's stock had a trading volume of 565,810 shares, compared to its average volume of 876,374. The business has a 50 day moving average price of $16.91 and a 200-day moving average price of $15.04. The company has a market capitalization of $1.31 billion, a P/E ratio of -6.56 and a beta of 0.01. Cullinan Therapeutics, Inc. has a 12-month low of $5.68 and a 12-month high of $21.00.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). Research analysts predict that Cullinan Therapeutics, Inc. will post -3.03 EPS for the current fiscal year.

Institutional Trading of Cullinan Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Cullinan Therapeutics by 1.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company's stock worth $497,000 after purchasing an additional 888 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock valued at $28,000 after buying an additional 1,036 shares during the last quarter. AlphaCentric Advisors LLC grew its holdings in Cullinan Therapeutics by 5.7% during the 1st quarter. AlphaCentric Advisors LLC now owns 20,135 shares of the company's stock valued at $286,000 after buying an additional 1,094 shares during the last quarter. Kennedy Capital Management LLC increased its position in Cullinan Therapeutics by 2.7% during the fourth quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company's stock worth $489,000 after buying an additional 1,255 shares in the last quarter. Finally, CWM LLC increased its position in Cullinan Therapeutics by 51.5% during the fourth quarter. CWM LLC now owns 3,876 shares of the company's stock worth $40,000 after buying an additional 1,318 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company's stock.

Analyst Upgrades and Downgrades

CGEM has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $30.00 target price on shares of Cullinan Therapeutics in a report on Monday, June 8th. Wedbush boosted their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Thursday. Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. BTIG Research boosted their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Finally, Wall Street Zen lowered Cullinan Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $32.86.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc, a biopharmaceutical company, focuses on developing oncology therapies for cancer patients in the United States. The company's lead program comprises CLN-619, a monoclonal antibody that is in Phase I clinical trial for the treatment of solid tumors. Its development portfolio also includes CLN-049, a humanized bispecific antibody that is in Phase I clinical trial for the treatment of acute myeloid leukemia or myelodysplastic syndrome; CLN-418, a human bispecific immune activator that is in Phase 1 clinical trial for the treatment of multiple solid tumors; and Zipalertinib, a bioavailable small-molecule for treating patients with non-small cell lung cancer.

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