Assenagon Asset Management S.A. Sells 77,023 Shares of Cullinan Therapeutics, Inc. $CGEM

Key Points

• Assenagon Asset Management cut its Cullinan Therapeutics stake by 55.5%, selling 77,023 shares and retaining 61,682 shares worth about $1.12 million. Institutional investors overall own 86.31% of CGEM.
• Analyst sentiment remains broadly positive, with six Buy ratings, one Hold and one Sell; the stock has a “Moderate Buy” consensus and an average price target of $32.86, including Wedbush’s raised target of $42.
• CGEM recently traded at $20.34 after rising 3.6%, but the company remains loss-making after reporting a quarterly EPS loss of $0.81. Insider Jennifer Michaelson also sold 30,000 shares for approximately $607,800.

Assenagon Asset Management S.A. reduced its position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 55.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,682 shares of the company's stock after selling 77,023 shares during the period. Assenagon Asset Management S.A. owned 0.10% of Cullinan Therapeutics worth $1,123,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position 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 valued at $497,000 after acquiring an additional 888 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Cullinan Therapeutics by 62.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock valued at $28,000 after purchasing an additional 1,036 shares in the last quarter. AlphaCentric Advisors LLC lifted its position in Cullinan Therapeutics by 5.7% during the first quarter. AlphaCentric Advisors LLC now owns 20,135 shares of the company's stock valued at $286,000 after purchasing an additional 1,094 shares during the last quarter. Kennedy Capital Management LLC lifted 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 valued at $489,000 after purchasing an additional 1,255 shares during the last quarter. Finally, CWM LLC grew its stake in shares of Cullinan Therapeutics by 51.5% in the 4th 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. 86.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Cullinan Therapeutics Trading Up 3.6%

NASDAQ CGEM opened at $20.34 on Friday. The stock has a market cap of $1.31 billion, a PE 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. The company's 50-day moving average price is $17.05 and its 200-day moving average price is $15.07.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). As a group, sell-side analysts forecast that Cullinan Therapeutics, Inc. will post -3.03 earnings per share for the current year.

Insider Activity

In related news, 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 owned 162,844 shares of the company's stock, valued at $3,299,219.44. This represents a 15.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.60% of the company's stock.

More Cullinan Therapeutics News

Here are the key news stories impacting Cullinan Therapeutics this week:

• Positive Sentiment: Cullinan reported that a Phase 3 trial of its experimental lung-cancer drug met its primary endpoint. The result strengthens the program’s potential for regulatory approval and commercial development, making it the most significant positive driver for CGEM. Cullinan Therapeutics Says Phase 3 Trial of Experimental Lung Cancer Drug Met Primary Endpoint
• Positive Sentiment: Wedbush raised its price target to $42 from $39 and maintained an “outperform” rating, signaling greater confidence in Cullinan’s clinical and commercial outlook. The revised target implies substantial potential upside from the stock’s recent trading level. Wedbush Raises Cullinan Therapeutics Price Target
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” rating on Cullinan, indicating that sentiment remains favorable but is not uniformly bullish. Cullinan Therapeutics Receives Average Rating of Moderate Buy
• Negative Sentiment: An analyst lowered the forecast for Cullinan’s third-quarter EPS, suggesting expectations for near-term financial results have weakened. As a clinical-stage biotechnology company, CGEM remains loss-making, so changes in projected cash usage and losses can affect investor sentiment. Q3 EPS Forecast for Cullinan Therapeutics Lowered by Analyst
• Negative Sentiment: Chief executive Jennifer Michaelson sold 30,000 shares for approximately $607,800, reducing her direct ownership by 15.56%. Although she still owns a sizable position, insider selling can weigh on sentiment, particularly after a strong rally. SEC Insider Transaction Filing

Cullinan Therapeutics Profile

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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