Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 2.9% – Here’s Why

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) traded down 2.9% on Thursday . The stock traded as low as $11.88 and last traded at $11.92. 28,103 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 640,126 shares. The stock had previously closed at $12.27.

Analyst Ratings Changes

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

Cullinan Therapeutics Stock Performance

The stock has a market cap of $699.90 million, a PE ratio of -4.23 and a beta of -0.18. The firm has a 50-day moving average price of $13.83 and a 200-day moving average price of $16.32.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. As a group, sell-side analysts anticipate that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 3,489 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $12.52, for a total value of $43,682.28. Following the completion of the transaction, the insider now owns 104,453 shares of the company’s stock, valued at approximately $1,307,751.56. The trade was a 3.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction 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. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,582 shares of company stock valued at $322,057. 6.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently added to or reduced their stakes in CGEM. Bank of New York Mellon Corp boosted its stake in shares of Cullinan Therapeutics by 46.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock worth $2,407,000 after buying an additional 43,757 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Cullinan Therapeutics by 73.3% in the second 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. Rhumbline Advisers boosted its position in Cullinan Therapeutics by 16.4% in the second quarter. Rhumbline Advisers now owns 54,351 shares of the company’s stock worth $948,000 after purchasing an additional 7,649 shares during the last quarter. Arizona State Retirement System bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at about $182,000. Finally, American Century Companies Inc. increased its position in shares of Cullinan Therapeutics by 32.9% during the 2nd quarter. American Century Companies Inc. now owns 76,018 shares of the company’s stock valued at $1,326,000 after purchasing an additional 18,840 shares during the last quarter. 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.