Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 7.3% – Here’s What Happened

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) were down 7.3% during mid-day trading on Tuesday . The company traded as low as $10.22 and last traded at $10.23. Approximately 176,787 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 493,669 shares. The stock had previously closed at $11.04.

Analysts Set New Price Targets

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

Cullinan Therapeutics Stock Performance

The firm has a market capitalization of $578.79 million, a PE ratio of -3.50 and a beta of -0.14. The company has a fifty day moving average price of $12.89 and a 200-day moving average price of $15.77.

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

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the sale, the chief executive officer now owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total value of $125,120.00. Following the transaction, the insider now owns 107,942 shares of the company’s stock, valued at $1,688,212.88. This trade represents a 6.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,582 shares of company stock valued at $372,097. Insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank grew its position in Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after acquiring an additional 872 shares during the last quarter. Arizona State Retirement System bought a new position in shares of Cullinan Therapeutics in the second quarter worth about $182,000. Squarepoint Ops LLC purchased a new position in Cullinan Therapeutics in the 2nd quarter worth about $186,000. China Universal Asset Management Co. Ltd. lifted its holdings in Cullinan Therapeutics by 64.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock valued at $187,000 after buying an additional 4,380 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Cullinan Therapeutics by 40.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock valued at $265,000 after buying an additional 4,393 shares during the period. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.