Cullinan Therapeutics, Inc. (NASDAQ:CGEM) CEO Sells $99,708.00 in Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Cullinan Therapeutics Stock Performance

Shares of CGEM stock traded down $0.88 on Friday, hitting $12.02. The company had a trading volume of 1,400,300 shares, compared to its average volume of 646,066. Cullinan Therapeutics, Inc. has a twelve month low of $9.91 and a twelve month high of $30.19. The firm has a market cap of $699.90 million, a P/E ratio of -4.23 and a beta of -0.18. The stock’s 50-day moving average is $13.92 and its two-hundred day moving average is $16.40.

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

Institutional Trading of Cullinan Therapeutics

A number of large investors have recently bought and sold shares of the business. Deerfield Management Company L.P. Series C boosted its position in shares of Cullinan Therapeutics by 188.1% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock valued at $57,207,000 after purchasing an additional 2,141,706 shares in the last quarter. State Street Corp lifted its stake in Cullinan Therapeutics by 20.4% in the third quarter. State Street Corp now owns 2,337,222 shares of the company’s stock valued at $39,125,000 after buying an additional 396,034 shares during the period. RTW Investments LP boosted its holdings in shares of Cullinan Therapeutics by 62.1% during the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock worth $28,558,000 after buying an additional 653,330 shares in the last quarter. Holocene Advisors LP grew its position in shares of Cullinan Therapeutics by 16.5% during the 3rd quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock worth $25,672,000 after buying an additional 217,574 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Cullinan Therapeutics by 23.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after acquiring an additional 231,935 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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.