Jennifer Michaelson Sells 8,000 Shares of Cullinan Therapeutics (NASDAQ:CGEM) Stock

Key Points

• Insider sale: Jennifer Michaelson sold 8,000 Cullinan Therapeutics shares for $172,560, reducing her holdings by 4.79% to 158,844 shares. She has also sold 38,000 shares in two earlier transactions this year.
• Stock performance and earnings: CGEM fell 2.8% to $20.71 during Thursday trading. The company reported a quarterly loss of $0.81 per share, slightly below analysts’ $0.80 estimate.
• Analyst outlook remains positive: Cullinan has a consensus “Moderate Buy” rating and an average price target of $32.86, versus its recent share price. Institutional investors own 86.31% of the company.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total transaction of $172,560.00. Following the completion of the transaction, the insider owned 158,844 shares in the company, valued at approximately $3,426,265.08. This represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• On Thursday, August 13th, Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00.
• On Monday, July 6th, Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $17.82, for a total value of $142,560.00.

Cullinan Therapeutics Trading Down 2.8%

Shares of NASDAQ CGEM traded down $0.60 during midday trading on Thursday, reaching $20.71. 188,454 shares of the company were exchanged, compared to its average volume of 855,504. The stock has a market cap of $1.33 billion, a P/E ratio of -6.70 and a beta of 0.02. Cullinan Therapeutics, Inc. has a 1 year low of $5.68 and a 1 year high of $23.19. The stock has a fifty day simple moving average of $19.33 and a 200 day simple moving average of $16.33.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). As a group, analysts forecast that Cullinan Therapeutics, Inc. will post -3.08 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. BTIG Research boosted their price objective on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Wedbush raised their target price on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Thursday, August 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Wall Street Zen raised shares of Cullinan Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, September 5th. Finally, HC Wainwright restated a "buy" rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cullinan Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $32.86.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd purchased a new position in Cullinan Therapeutics in the first quarter valued at about $163,000. Jane Street Group LLC grew its holdings in shares of Cullinan Therapeutics by 145.9% in the 1st quarter. Jane Street Group LLC now owns 34,396 shares of the company's stock worth $260,000 after acquiring an additional 109,413 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Cullinan Therapeutics in the 1st quarter worth approximately $618,000. Creative Planning increased its stake in Cullinan Therapeutics by 222.2% in the 2nd quarter. Creative Planning now owns 41,723 shares of the company's stock valued at $314,000 after purchasing an additional 28,773 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Cullinan Therapeutics by 122.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 97,069 shares of the company's stock valued at $731,000 after purchasing an additional 53,522 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company's stock.

Cullinan Therapeutics Company 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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