Jennifer Michaelson Sells 4,693 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) insider Jennifer Michaelson sold 4,693 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $11.41, for a total transaction of $53,547.13. Following the transaction, the insider now directly owns 99,760 shares in the company, valued at approximately $1,138,261.60. The trade was a 4.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• On Thursday, December 12th, Jennifer Michaelson sold 3,489 shares of Cullinan Therapeutics stock. The shares were sold at an average price of $12.52, for a total transaction of $43,682.28.
• On Tuesday, November 5th, Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock. The shares were sold at an average price of $15.64, for a total value of $125,120.00.

Cullinan Therapeutics Stock Performance

Shares of Cullinan Therapeutics stock opened at $11.60 on Friday. The business has a 50-day simple moving average of $14.28 and a 200-day simple moving average of $16.68. The company has a market cap of $675.44 million, a PE ratio of -4.08 and a beta of -0.18. Cullinan Therapeutics, Inc. has a one year low of $8.49 and a one year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. On average, sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CGEM. UBS Group assumed coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Finally, Wedbush reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $31.67.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Deerfield Management Company L.P. Series C increased its stake in Cullinan Therapeutics by 188.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock valued at $57,207,000 after purchasing an additional 2,141,706 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Cullinan Therapeutics by 2,416.9% in the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after buying an additional 1,136,993 shares in the last quarter. Braidwell LP grew its position in shares of Cullinan Therapeutics by 567.6% in the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock valued at $19,689,000 after buying an additional 1,000,000 shares during the last quarter. Patient Square Capital LP acquired a new stake in Cullinan Therapeutics during the 3rd quarter worth $13,806,000. Finally, Perceptive Advisors LLC acquired a new position in Cullinan Therapeutics in the second quarter valued at $13,079,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.

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.