Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 4% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price fell 4% on Wednesday . The company traded as low as $11.03 and last traded at $11.03. 54,156 shares were traded during trading, a decline of 92% from the average session volume of 640,568 shares. The stock had previously closed at $11.49.

Analyst Ratings Changes

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

Cullinan Therapeutics Trading Down 3.3 %

The business has a fifty day moving average price of $14.57 and a 200 day moving average price of $16.84. The firm has a market cap of $646.91 million, a PE ratio of -4.05 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.09. On average, research analysts expect that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 3,489 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $12.52, for a total value of $43,682.28. Following the completion of the sale, the insider now owns 104,453 shares in the company, valued at $1,307,751.56. This represents a 3.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CGEM. Assenagon Asset Management S.A. acquired a new position in Cullinan Therapeutics in the 2nd quarter valued at about $1,992,000. Bank of New York Mellon Corp raised its stake in shares of Cullinan Therapeutics by 46.4% during the second quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock worth $2,407,000 after purchasing an additional 43,757 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Cullinan Therapeutics by 73.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after purchasing an additional 3,758 shares during the period. Rhumbline Advisers grew its position in Cullinan Therapeutics by 16.4% in the 2nd quarter. Rhumbline Advisers now owns 54,351 shares of the company’s stock valued at $948,000 after buying an additional 7,649 shares during the last quarter. Finally, Arizona State Retirement System acquired a new position in Cullinan Therapeutics in the 2nd quarter valued at $182,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.