Cullinan Therapeutics (NASDAQ:CGEM) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) saw an uptick in trading volume on Thursday . 1,050,156 shares were traded during mid-day trading, an increase of 109% from the previous session’s volume of 503,451 shares.The stock last traded at $10.21 and had previously closed at $10.30.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CGEM. UBS Group initiated coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target for the company. HC Wainwright upped their price objective on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $32.50.

Cullinan Therapeutics Trading Down 1.4 %

The stock’s 50-day simple moving average is $11.42 and its 200-day simple moving average is $14.90.

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

Insiders Place Their Bets

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the transaction, the chief executive officer now owns 263,150 shares in the company, valued at approximately $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jennifer Michaelson sold 3,489 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $12.52, for a total transaction of $43,682.28. Following the completion of the transaction, the insider now owns 104,453 shares in the company, valued at approximately $1,307,751.56. The trade was a 3.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,582 shares of company stock worth $246,977. Company insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Amalgamated Bank boosted its position in shares of Cullinan Therapeutics by 97.3% during the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after buying an additional 872 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of Cullinan Therapeutics during the 4th quarter valued at about $136,000. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Cullinan Therapeutics by 10.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock valued at $150,000 after acquiring an additional 1,195 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Cullinan Therapeutics by 32.9% in the fourth quarter. New York State Common Retirement Fund now owns 12,918 shares of the company’s stock worth $157,000 after acquiring an additional 3,200 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in shares of Cullinan Therapeutics during the second quarter valued at approximately $186,000. 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.