Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 7.3% – Time to Sell?

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

Wall Street Analysts Forecast Growth

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

Cullinan Therapeutics Trading Down 0.4 %

The firm has a market capitalization of $590.45 million, a price-to-earnings ratio of -3.57 and a beta of -0.14. The stock has a fifty day moving average price of $12.65 and a 200-day moving average price of $15.68.

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, topping the consensus estimate of ($0.78) by $0.09. On average, equities analysts expect that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Activity at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the completion of the sale, the insider now directly owns 107,942 shares of the company’s stock, valued at $1,688,212.88. This trade represents a 6.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of the business’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value 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. Insiders sold 28,582 shares of company stock valued at $372,097 in the last ninety days. Insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. lifted its position in shares of Cullinan Therapeutics by 43.9% during the fourth quarter. Harbor Capital Advisors Inc. now owns 30,747 shares of the company’s stock worth $374,000 after purchasing an additional 9,385 shares in the last quarter. JPMorgan Chase & Co. raised its position in Cullinan Therapeutics by 25.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company’s stock worth $487,000 after purchasing an additional 5,842 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Cullinan Therapeutics by 23.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock worth $20,233,000 after buying an additional 231,935 shares in the last quarter. Barclays PLC boosted its position in Cullinan Therapeutics by 26.0% in the 3rd quarter. Barclays PLC now owns 248,614 shares of the company’s stock valued at $4,161,000 after buying an additional 51,300 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its stake in shares of Cullinan Therapeutics by 40.7% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 25,369 shares of the company’s stock valued at $425,000 after buying an additional 7,343 shares during the period. Institutional investors own 86.31% of the company’s stock.

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.