Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 7.3% – Should You Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price was down 7.3% during trading on Tuesday . The company traded as low as $10.22 and last traded at $10.23. Approximately 176,787 shares changed hands during trading, a decline of 64% from the average daily volume of 493,669 shares. The stock had previously closed at $11.04.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Wedbush reiterated an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Finally, UBS Group began coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $31.67.

Cullinan Therapeutics Trading Down 0.4 %

The business has a fifty day moving average price of $12.65 and a two-hundred day moving average price of $15.68. The company has a market cap of $590.45 million, a price-to-earnings ratio of -3.57 and a beta of -0.14.

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

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 3,489 shares of the company’s 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 sale, the insider now owns 104,453 shares in the company, valued at approximately $1,307,751.56. This represents a 3.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics 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 transaction, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,582 shares of company stock worth $372,097. Insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds have recently bought and sold shares of CGEM. Rhumbline Advisers lifted its position in shares of Cullinan Therapeutics by 16.4% during the 2nd 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 position in Cullinan Therapeutics in the 2nd quarter worth approximately $182,000. American Century Companies Inc. lifted its holdings in shares of Cullinan Therapeutics by 32.9% during the second quarter. American Century Companies Inc. now owns 76,018 shares of the company’s stock worth $1,326,000 after buying an additional 18,840 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Cullinan Therapeutics by 31.3% in the second quarter. Renaissance Technologies LLC now owns 421,708 shares of the company’s stock valued at $7,355,000 after acquiring an additional 100,608 shares during the period. Finally, E Fund Management Co. Ltd. acquired a new stake in shares of Cullinan Therapeutics in the second quarter worth $1,305,000. 86.31% of the stock is currently owned by institutional investors.

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.