CAMBRIDGE, MA—Jeffrey Alan Jones, the Chief Medical (TASE:PMCN) Officer of Cullinan Therapeutics, Inc. (NASDAQ:CGEM), recently sold a portion of his holdings in the company. According to a recent SEC filing, Jones sold 4,632 shares of common stock at a price of $11.41 per share on December 18, 2024. The transaction, which totaled approximately $52,851, was conducted to cover personal income tax obligations following the vesting of restricted stock units, as noted in the filing. The sale comes as the stock trades near $11.60, down roughly 37% over the past six months, with technical indicators from InvestingPro suggesting oversold conditions.
Following the sale, Jones retains ownership of 114,059 shares of Cullinan Therapeutics, maintaining a significant stake in the company. The transaction was executed directly and was signed off by Jacquelyn Sumer, acting as Attorney-in-Fact for Jones. With a market capitalization of $679 million and a strong liquidity position evidenced by a current ratio of 24.46, InvestingPro data shows the company maintains a solid balance sheet with more cash than debt.
In other recent news, Cullinan Oncology has made significant strides in its drug development and clinical trials. The company has initiated a global Phase 1b clinical trial for its novel T cell engager, CLN-978, targeting moderate to severe systemic lupus erythematosus (SLE) patients following FDA approval. Additionally, Cullinan reported a lower-than-expected Q1 loss of $0.86 per share, surpassing the projected loss of $0.94.
Clear Street initiated coverage of Cullinan Oncology with a Buy rating and a price target of $30.00, suggesting the company’s stock may be undervalued. The firm’s analysis indicates that Cullinan’s drug, CLN-978, could become a leading treatment in the systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) market.
Analyst firms H.C. Wainwright, BTIG, and UBS have reaffirmed their buy ratings for the company, with price targets of $28, $30, and $30 respectively. UBS estimates the risk-adjusted peak revenue for CLN-978 at approximately $1.6 billion, surpassing the consensus estimate of about $1.1 billion.
Finally, Cullinan Oncology has welcomed Mary Kay Fenton as its new Chief Financial Officer and elected Anne-Marie Martin, Ph.D., and David Meek as Class I directors to the Board. These developments underline the company’s commitment to a strong leadership team and the ongoing development of its drug portfolio.
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