Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 4%

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on CGEM shares. BTIG Research upped their price target on Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Wedbush reiterated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research note on Thursday, May 16th. HC Wainwright restated a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. Jonestrading increased their price objective on shares of Cullinan Therapeutics from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Finally, William Blair reissued an “outperform” rating on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $32.00.

Cullinan Therapeutics Trading Down 3.2 %

The firm’s 50 day simple moving average is $22.54 and its two-hundred day simple moving average is $17.37.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Wednesday, May 15th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. On average, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.02 EPS for the current year.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 58,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $28.07, for a total transaction of $1,628,060.00. Following the sale, the insider now owns 129,582 shares of the company’s stock, valued at $3,637,366.74. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors have recently bought and sold shares of CGEM. Ameritas Investment Partners Inc. lifted its position in shares of Cullinan Therapeutics by 31.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock valued at $44,000 after acquiring an additional 615 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of Cullinan Therapeutics by 352.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after buying an additional 3,859 shares during the period. Vontobel Holding Ltd. purchased a new position in shares of Cullinan Therapeutics during the fourth quarter valued at $102,000. Bailard Inc. acquired a new position in Cullinan Therapeutics during the fourth quarter valued at $110,000. Finally, Annandale Capital LLC lifted its stake in Cullinan Therapeutics by 20.0% in the 3rd quarter. Annandale Capital LLC now owns 12,000 shares of the company’s stock worth $109,000 after acquiring an additional 2,000 shares in the last quarter. Hedge funds and other 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.