Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 3.2% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price was down 3.2% on Friday . The stock traded as low as $16.80 and last traded at $16.81. Approximately 173,637 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 669,639 shares. The stock had previously closed at $17.37.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CGEM. HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday. Wedbush restated an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Therapeutics has an average rating of “Buy” and an average target price of $32.00.

Cullinan Therapeutics Trading Down 3.5 %

The stock’s 50-day simple moving average is $17.35 and its 200-day simple moving average is $19.22. The stock has a market cap of $966.52 million, a price-to-earnings ratio of -5.36 and a beta of -0.13.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($0.02). On average, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $18.09, for a total value of $144,720.00. Following the completion of the transaction, the insider now owns 115,942 shares of the company’s stock, valued at $2,097,390.78. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Perceptive Advisors LLC acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter worth $13,079,000. Lynx1 Capital Management LP bought a new position in Cullinan Therapeutics in the second quarter valued at about $6,581,000. The Manufacturers Life Insurance Company raised its stake in Cullinan Therapeutics by 40.7% during the second quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock worth $265,000 after acquiring an additional 4,393 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its holdings in shares of Cullinan Therapeutics by 188.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after acquiring an additional 2,141,706 shares during the last quarter. Finally, Affinity Asset Advisors LLC lifted its holdings in shares of Cullinan Therapeutics by 2.0% in the second quarter. Affinity Asset Advisors LLC now owns 263,817 shares of the company’s stock worth $4,601,000 after acquiring an additional 5,229 shares during the last quarter. 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.