Insider Selling: Cullinan Therapeutics (NASDAQ:CGEM) Insider Sells $66,301.54 in Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) insider Jeffrey Alan Jones sold 4,582 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $14.47, for a total value of $66,301.54. Following the sale, the insider directly owned 159,968 shares of the company’s stock, valued at $2,314,736.96. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Jeffrey Alan Jones also recently made the following trade(s):

• On Friday, February 20th, Jeffrey Alan Jones sold 4,982 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $13.62, for a total value of $67,854.84.
• On Thursday, December 18th, Jeffrey Alan Jones sold 4,632 shares of Cullinan Therapeutics stock. The stock was sold at an average price of $9.67, for a total value of $44,791.44.

Cullinan Therapeutics Price Performance

Shares of NASDAQ:CGEM traded up $0.09 during midday trading on Wednesday, reaching $14.36. The company’s stock had a trading volume of 858,348 shares, compared to its average volume of 730,212. The business’s fifty day simple moving average is $11.41 and its 200-day simple moving average is $9.27. Cullinan Therapeutics, Inc. has a fifty-two week low of $5.68 and a fifty-two week high of $14.56. The company has a market capitalization of $848.33 million, a P/E ratio of -4.34 and a beta of -0.09.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. BTIG Research upped their target price on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, November 24th. Guggenheim initiated coverage on shares of Cullinan Therapeutics in a research report on Monday, February 2nd. They issued a “buy” rating and a $30.00 price objective for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a report on Thursday, January 8th. Zacks Research cut Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 19th. Finally, Wedbush boosted their target price on Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. Eight equities research analysts have rated the stock with 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.33.

Institutional Trading of Cullinan Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Lynx1 Capital Management LP boosted its position in shares of Cullinan Therapeutics by 31.0% in the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after purchasing an additional 1,365,248 shares during the last quarter. Blue Owl Capital Holdings LP boosted its holdings in Cullinan Therapeutics by 5.2% during the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock worth $14,890,000 after buying an additional 125,000 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Cullinan Therapeutics by 0.4% during the 2nd quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock worth $16,778,000 after buying an additional 8,399 shares during the period. State Street Corp increased its stake in shares of Cullinan Therapeutics by 31.0% in the 4th quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after acquiring an additional 520,024 shares during the last quarter. Finally, Affinity Asset Advisors LLC raised its position in shares of Cullinan Therapeutics by 632.4% in the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock valued at $19,997,000 after acquiring an additional 1,668,289 shares during the period. 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.