Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 7.3% – Should You Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price dropped 7.3% during trading on Tuesday . The company traded as low as $10.22 and last traded at $10.23. Approximately 176,787 shares were traded during trading, a decline of 64% from the average daily volume of 493,669 shares. The stock had previously closed at $11.04.

Analysts Set New Price Targets

CGEM has been the topic of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Wedbush reissued an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Finally, UBS Group started 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, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $31.67.

Cullinan Therapeutics Stock Down 10.0 %

The firm has a market capitalization of $578.79 million, a PE ratio of -3.50 and a beta of -0.14. The company’s fifty day simple moving average is $12.89 and its 200 day simple moving average is $15.77.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data 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. Equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 8,400 shares of the business’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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer Michaelson sold 4,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $12.51, for a total transaction of $50,040.00. Following the sale, the insider now directly owns 95,760 shares in the company, valued at approximately $1,197,957.60. The trade was a 4.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,582 shares of company stock worth $372,097. 6.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Large investors have recently made changes to their positions in the company. Amalgamated Bank raised its holdings in 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 purchasing an additional 872 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Cullinan Therapeutics by 3.5% during the 3rd 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 period. Harbor Capital Advisors Inc. increased its holdings in Cullinan Therapeutics by 22.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock worth $358,000 after acquiring an additional 3,881 shares in the last quarter. Profund Advisors LLC raised its stake in Cullinan Therapeutics by 26.8% during the 2nd quarter. Profund Advisors LLC now owns 19,352 shares of the company’s stock worth $337,000 after acquiring an additional 4,089 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted 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 valued at $187,000 after purchasing an additional 4,380 shares in the last quarter. 86.31% of the stock is currently owned by 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.