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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $9.44 and last traded at $9.44, with a volume of 79301 shares changing hands. The stock had previously closed at $9.53.

Wall Street Analyst Weigh In

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

Cullinan Therapeutics Price Performance

The stock has a 50 day simple moving average of $10.98 and a two-hundred day simple moving average of $14.35. The company has a market cap of $539.21 million, a price-to-earnings ratio of -3.26 and a beta of -0.16.

Insiders Place Their Bets

In other news, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This represents a 3.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jennifer Michaelson sold 4,693 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $11.41, for a total value of $53,547.13. Following the completion of the sale, the insider now owns 99,760 shares in the company, valued at $1,138,261.60. This represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,582 shares of company stock valued at $246,977. Insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the company. Amalgamated Bank increased its holdings in Cullinan Therapeutics by 97.3% during the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after purchasing an additional 872 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in 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 worth $150,000 after purchasing an additional 1,195 shares during the period. Invesco Ltd. increased its holdings in Cullinan Therapeutics by 2.4% during the 4th quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock worth $725,000 after purchasing an additional 1,395 shares during the period. Federated Hermes Inc. increased its holdings in Cullinan Therapeutics by 67.0% during the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock worth $46,000 after purchasing an additional 1,525 shares during the period. Finally, Virtus ETF Advisers LLC increased its holdings in Cullinan Therapeutics by 37.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock worth $71,000 after purchasing an additional 1,600 shares during the period. Hedge funds and other 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.