Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 5.4% – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price dropped 5.4% during trading on Monday . The stock traded as low as $12.00 and last traded at $12.00. Approximately 124,039 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 276,493 shares. The stock had previously closed at $12.68.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CGEM shares. UBS Group began coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 target price for the company. HC Wainwright restated a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Finally, Wedbush reiterated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $31.67.

Cullinan Therapeutics Stock Performance

The company has a fifty day simple moving average of $13.47 and a two-hundred day simple moving average of $16.01. The stock has a market capitalization of $685.93 million, a price-to-earnings ratio of -4.15 and a beta of -0.14.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.09. As a group, equities analysts anticipate that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares in the company, valued at $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jennifer Michaelson sold 3,489 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $12.52, for a total transaction of $43,682.28. Following the completion of the transaction, the insider now directly owns 104,453 shares of the company’s stock, valued at $1,307,751.56. This trade represents a 3.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,582 shares of company stock worth $322,057. Corporate insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Amalgamated Bank raised its position in Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after purchasing an additional 872 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cullinan Therapeutics by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after acquiring an additional 3,758 shares during the period. Arizona State Retirement System bought a new position in Cullinan Therapeutics during the 2nd quarter worth $182,000. Squarepoint Ops LLC bought a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at about $186,000. Finally, China Universal Asset Management Co. Ltd. increased its stake in shares of Cullinan Therapeutics by 64.7% in the third 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 during the period. 86.31% of the stock is currently owned by 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.