Wall Street Zen Upgrades Cullinan Therapeutics (NASDAQ:CGEM) to Hold

Key Points

• Wall Street Zen upgraded Cullinan Therapeutics from sell to hold, while broader analyst sentiment remains positive with 8 buy ratings, 1 hold, and 1 sell. The stock’s average analyst target is $30.00.
• Shares of CGEM were down 1.2% and opened at $14.55, giving the company a market cap of about $894 million. The stock trades well below the average price target and sits between its 50-day and 200-day moving averages.
• The company recently reported a smaller-than-expected quarterly loss, posting EPS of -$0.75 versus estimates of -$0.84. Cullinan is a biopharma company focused on oncology programs including CLN-619, CLN-049, CLN-418, and Zipalertinib.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Other equities research analysts have also issued research reports about the company. Guggenheim assumed coverage on Cullinan Therapeutics in a research report on Monday, February 2nd. They set a "buy" rating and a $30.00 target price on the stock. Wedbush upped their target price on Cullinan Therapeutics from $36.00 to $37.00 and gave the company an "outperform" rating in a research report on Friday. HC Wainwright upped their target price on Cullinan Therapeutics from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. BTIG Research restated a "buy" rating and set a $38.00 target price on shares of Cullinan Therapeutics in a research report on Monday, May 4th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $30.00.

Cullinan Therapeutics Trading Down 1.2%

Shares of CGEM stock opened at $14.55 on Friday. The stock has a market cap of $894.10 million, a price-to-earnings ratio of -4.33 and a beta of -0.09. The stock has a 50-day moving average of $14.27 and a 200-day moving average of $11.84. Cullinan Therapeutics has a 1-year low of $5.68 and a 1-year high of $16.74.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, beating the consensus estimate of ($0.84) by $0.09. Sell-side analysts forecast that Cullinan Therapeutics will post -3.06 earnings per share for the current year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, CFO Mary Kay Fenton sold 4,398 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $13.62, for a total value of $59,900.76. Following the transaction, the chief financial officer owned 126,380 shares in the company, valued at approximately $1,721,295.60. This represents a 3.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey Alan Jones sold 4,982 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $13.62, for a total value of $67,854.84. Following the completion of the transaction, the insider owned 164,550 shares in the company, valued at approximately $2,241,171. The trade was a 2.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 86,492 shares of company stock valued at $1,230,319. 7.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lynx1 Capital Management LP boosted its holdings in Cullinan Therapeutics by 31.0% in the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company's stock worth $34,193,000 after acquiring an additional 1,365,248 shares in the last quarter. Blue Owl Capital Holdings LP boosted its holdings in Cullinan Therapeutics by 5.2% in the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company's stock worth $14,890,000 after acquiring an additional 125,000 shares in the last quarter. State Street Corp boosted its holdings in Cullinan Therapeutics by 31.0% in the fourth quarter. State Street Corp now owns 2,197,338 shares of the company's stock worth $22,742,000 after acquiring an additional 520,024 shares in the last quarter. Affinity Asset Advisors LLC boosted its holdings in Cullinan Therapeutics by 632.4% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company's stock worth $19,997,000 after acquiring an additional 1,668,289 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Cullinan Therapeutics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,302,262 shares of the company's stock worth $13,481,000 after acquiring an additional 6,942 shares in the last quarter. 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.

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.