Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 5.4% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares were down 5.4% during mid-day trading on Monday . The stock traded as low as $12.00 and last traded at $12.00. Approximately 124,039 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 276,493 shares. The stock had previously closed at $12.68.

Wall Street Analysts Forecast Growth

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

Cullinan Therapeutics Stock Performance

The company has a market capitalization of $685.93 million, a price-to-earnings ratio of -4.15 and a beta of -0.14. The business’s 50-day simple moving average is $13.47 and its 200-day simple moving average is $16.01.

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

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the completion of the transaction, the insider now directly owns 107,942 shares of the company’s stock, valued at $1,688,212.88. This represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $3,123,590.50. The trade was a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,582 shares of company stock worth $322,057. Corporate insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in Cullinan Therapeutics by 25.1% during the third quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company’s stock worth $487,000 after acquiring an additional 5,842 shares in the last quarter. Geode Capital Management LLC lifted its stake in Cullinan Therapeutics by 23.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after purchasing an additional 231,935 shares during the last quarter. Barclays PLC grew its holdings in Cullinan Therapeutics by 26.0% during the third quarter. Barclays PLC now owns 248,614 shares of the company’s stock worth $4,161,000 after purchasing an additional 51,300 shares during the period. Y Intercept Hong Kong Ltd increased its position in Cullinan Therapeutics by 40.7% during the third quarter. Y Intercept Hong Kong Ltd now owns 25,369 shares of the company’s stock worth $425,000 after buying an additional 7,343 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in Cullinan Therapeutics by 47.1% in the third quarter. Wellington Management Group LLP now owns 106,025 shares of the company’s stock valued at $1,775,000 after buying an additional 33,927 shares during the period. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.