Cullinan Therapeutics (NASDAQ:CGEM) Insider Jennifer Michaelson Sells 4,000 Shares of Stock

Key Points

• Insider Jennifer Michaelson sold 4,000 Cullinan Therapeutics shares at an average price of $12.36, for $49,440. She retained 158,649 shares, a 2.46% reduction in her position.
• CGEM shares rose 4.7% to $11.31 on Friday. The stock’s reported 50-day moving average was $17.20, and its 52-week range was $6.73 to $23.19.
• Analysts held a “Moderate Buy” consensus rating with an average price target of $33.86. Cullinan reported quarterly EPS of -$0.81, one cent below consensus.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) insider Jennifer Michaelson sold 4,000 shares of the stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $12.36, for a total transaction of $49,440.00. Following the transaction, the insider directly owned 158,649 shares in the company, valued at approximately $1,960,901.64. This represents a 2.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, September 8th, Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock. The shares were sold at an average price of $21.57, for a total transaction of $172,560.00.
• On Thursday, August 13th, Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00.

Cullinan Therapeutics Stock Up 4.7%

Shares of CGEM stock traded up $0.51 on Friday, reaching $11.31. 755,506 shares of the stock were exchanged, compared to its average volume of 900,053. The stock has a market cap of $727.86 million, a P/E ratio of -3.65 and a beta of -0.03. The firm has a 50 day moving average of $17.20 and a two-hundred day moving average of $15.83. Cullinan Therapeutics, Inc. has a 1-year low of $6.73 and a 1-year high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, equities research analysts predict that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on CGEM. BTIG Research upped their price target on Cullinan Therapeutics from $40.00 to $41.00 and gave the stock a "buy" rating in a research note on Wednesday, October 28th. TD Cowen raised Cullinan Therapeutics to a "strong-buy" rating in a research note on Monday, August 24th. Wall Street Zen cut Cullinan Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, October 24th. Wedbush boosted their target price on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Thursday, August 13th. Finally, HC Wainwright reissued a "buy" rating and set a $35.00 target price on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cullinan Therapeutics has an average rating of "Moderate Buy" and an average target price of $33.86.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors have recently added to or reduced their stakes in CGEM. BlackRock Inc. purchased a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at approximately $95,289,000. Blue Owl Capital Holdings LP bought a new stake in shares of Cullinan Therapeutics in the second quarter worth $28,039,000. Fisher Asset Management LLC increased its stake in shares of Cullinan Therapeutics by 2,125.0% in the third quarter. Fisher Asset Management LLC now owns 800,961 shares of the company's stock worth $12,295,000 after buying an additional 764,963 shares during the last quarter. Boone Capital Management LLC acquired a new stake in Cullinan Therapeutics in the second quarter valued at $12,828,000. Finally, Elmind Capital LP acquired a new stake in Cullinan Therapeutics in the second quarter valued at $12,564,900. Institutional investors and hedge funds own 86.31% of the company's stock.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.

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