Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 2.1% – Should You Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares were down 2.1% during mid-day trading on Friday . The stock traded as low as $8.73 and last traded at $8.73. Approximately 22,126 shares changed hands during trading, a decline of 95% from the average daily volume of 457,450 shares. The stock had previously closed at $8.92.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CGEM. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price objective (down previously from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a report on Friday, February 28th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Therapeutics currently has an average rating of “Buy” and a consensus price target of $32.86.

Cullinan Therapeutics Stock Performance

The stock has a 50-day moving average of $9.93 and a 200 day moving average of $13.42. The firm has a market capitalization of $516.08 million, a P/E ratio of -3.11 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.02. On average, equities analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 4,693 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $11.41, for a total value of $53,547.13. Following the transaction, the insider now owns 99,760 shares of the company’s stock, valued at approximately $1,138,261.60. This trade represents a 4.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the sale, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,517 shares of company stock worth $351,922 in the last quarter. Insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors have recently made changes to their positions in the stock. Amalgamated Bank boosted its stake in Cullinan Therapeutics by 97.3% during the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after acquiring an additional 872 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Cullinan Therapeutics by 67.0% in the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock valued at $46,000 after buying an additional 1,525 shares during the period. Virtus ETF Advisers LLC increased its position in shares of Cullinan Therapeutics by 37.8% in the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock valued at $71,000 after buying an additional 1,600 shares in the last quarter. Aquatic Capital Management LLC acquired a new stake in Cullinan Therapeutics during the 4th quarter worth $77,000. Finally, KLP Kapitalforvaltning AS bought a new position in Cullinan Therapeutics during the fourth quarter worth about $83,000. 86.31% of the stock is owned by institutional investors and hedge funds.

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.