Cullinan Therapeutics (NASDAQ:CGEM) Hits New 52-Week Low – Time to Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $9.50 and last traded at $9.73, with a volume of 13028 shares traded. The stock had previously closed at $9.81.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. HC Wainwright upped their price target on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. 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 on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Therapeutics presently has an average rating of “Buy” and an average target price of $32.50.

Cullinan Therapeutics Stock Performance

The stock’s fifty day simple moving average is $11.30 and its two-hundred day simple moving average is $14.68. The stock has a market capitalization of $560.87 million, a P/E ratio of -3.39 and a beta of -0.16.

Insider Activity

In related news, insider Jennifer Michaelson sold 4,000 shares of Cullinan Therapeutics stock in a transaction on Monday, January 6th. The shares were sold at an average price of $12.51, for a total value of $50,040.00. Following the completion of the sale, the insider now owns 95,760 shares of the company’s stock, valued at approximately $1,197,957.60. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the sale, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,582 shares of company stock valued at $246,977. 6.07% of the stock is currently owned by insiders.

Institutional Trading of Cullinan Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of CGEM. The Manufacturers Life Insurance Company boosted its holdings in Cullinan Therapeutics by 40.7% during the 2nd 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 during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Cullinan Therapeutics by 18.3% during the third quarter. Assenagon Asset Management S.A. now owns 135,036 shares of the company’s stock valued at $2,261,000 after purchasing an additional 20,841 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in Cullinan Therapeutics by 64.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after purchasing an additional 4,380 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in Cullinan Therapeutics by 22.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock valued at $358,000 after buying an additional 3,881 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Cullinan Therapeutics by 97.3% in the 3rd 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. 86.31% of the stock is owned by hedge funds and other 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.