Cullinan Therapeutics, Inc. (NASDAQ:CGEM) CEO Sells $99,708.00 in Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the sale, the chief executive officer now owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Cullinan Therapeutics Stock Down 6.8 %

NASDAQ CGEM traded down $0.88 on Friday, reaching $12.02. The company had a trading volume of 1,400,300 shares, compared to its average volume of 646,066. The company’s fifty day moving average is $13.92 and its 200 day moving average is $16.40. Cullinan Therapeutics, Inc. has a 52-week low of $9.91 and a 52-week high of $30.19. The stock has a market capitalization of $699.90 million, a P/E ratio of -4.23 and a beta of -0.18.

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

Hedge Funds Weigh In On Cullinan Therapeutics

Institutional investors have recently modified their holdings of the business. Amalgamated Bank boosted its holdings in shares of Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after buying an additional 872 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Cullinan Therapeutics by 3.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company’s stock valued at $1,187,000 after acquiring an additional 2,377 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Cullinan Therapeutics by 73.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after acquiring an additional 3,758 shares during the period. Harbor Capital Advisors Inc. increased its stake in shares of Cullinan Therapeutics by 22.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock worth $358,000 after purchasing an additional 3,881 shares during the last quarter. Finally, Profund Advisors LLC raised its holdings in shares of Cullinan Therapeutics by 26.8% in the 2nd quarter. Profund Advisors LLC now owns 19,352 shares of the company’s stock worth $337,000 after purchasing an additional 4,089 shares during the period. 86.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

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.