Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 4%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price fell 4% during mid-day trading on Wednesday . The company traded as low as $15.76 and last traded at $15.77. 48,316 shares were traded during trading, a decline of 93% from the average session volume of 679,383 shares. The stock had previously closed at $16.42.

Analyst Ratings Changes

A number of analysts have commented on the stock. Stifel Nicolaus began coverage on shares of Cullinan Therapeutics in a report on Wednesday, May 1st. They set a “buy” rating and a $40.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. Wedbush reiterated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, May 16th. Jonestrading upped their price target on Cullinan Therapeutics from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Finally, BTIG Research raised their price objective on Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $32.00.

Cullinan Therapeutics Stock Down 3.2 %

The stock has a fifty day moving average of $22.54 and a 200 day moving average of $17.37.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Wednesday, May 15th. The company reported ($0.86) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.04. As a group, analysts anticipate that Cullinan Therapeutics, Inc. will post -3.02 earnings per share for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 58,000 shares of Cullinan Therapeutics stock in a transaction on Monday, May 6th. The shares were sold at an average price of $28.07, for a total value of $1,628,060.00. Following the completion of the transaction, the insider now directly owns 129,582 shares of the company’s stock, valued at approximately $3,637,366.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its stake in Cullinan Therapeutics by 13.5% in the fourth quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock worth $33,436,000 after purchasing an additional 390,505 shares in the last quarter. Parkman Healthcare Partners LLC increased its stake in shares of Cullinan Therapeutics by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock valued at $5,399,000 after buying an additional 91,132 shares during the period. Affinity Asset Advisors LLC purchased a new stake in Cullinan Therapeutics in the fourth quarter worth about $3,057,000. Schonfeld Strategic Advisors LLC grew its holdings in Cullinan Therapeutics by 15.9% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 121,800 shares of the company’s stock worth $1,102,000 after acquiring an additional 16,700 shares in the last quarter. Finally, Swiss National Bank increased its position in Cullinan Therapeutics by 19.9% during the 4th quarter. Swiss National Bank now owns 46,300 shares of the company’s stock valued at $472,000 after purchasing an additional 7,700 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.