Cullinan Therapeutics (NASDAQ:CGEM) Sets New 52-Week Low – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price hit a new 52-week low on Wednesday . The company traded as low as $9.50 and last traded at $9.73, with a volume of 13028 shares. The stock had previously closed at $9.81.

Analysts Set New Price Targets

A number of research analysts recently commented on CGEM shares. HC Wainwright upped their price objective on Cullinan Therapeutics from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. UBS Group started coverage on shares of 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 investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $32.50.

Cullinan Therapeutics Price Performance

The company has a market capitalization of $558.43 million, a price-to-earnings ratio of -3.38 and a beta of -0.16. The business has a fifty day moving average price of $11.18 and a 200 day moving average price of $14.61.

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 4,000 shares of Cullinan Therapeutics stock in a transaction that occurred 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 transaction, the insider now owns 95,760 shares of the company’s stock, valued at $1,197,957.60. The trade was a 4.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 263,150 shares of the company’s stock, valued at $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 worth $246,977. 6.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several large investors have recently modified their holdings of CGEM. Jump Financial LLC lifted its holdings in shares of Cullinan Therapeutics by 130.7% during the fourth quarter. Jump Financial LLC now owns 66,135 shares of the company’s stock valued at $806,000 after purchasing an additional 37,469 shares during the last quarter. XTX Topco Ltd purchased a new stake in Cullinan Therapeutics during the fourth quarter valued at about $529,000. Mariner LLC lifted its stake in Cullinan Therapeutics by 125.3% during the fourth quarter. Mariner LLC now owns 34,901 shares of the company’s stock valued at $425,000 after buying an additional 19,411 shares in the last quarter. Optimize Financial Inc acquired a new position in shares of Cullinan Therapeutics in the fourth quarter worth about $143,000. Finally, Kennedy Capital Management LLC purchased a new position in shares of Cullinan Therapeutics in the fourth quarter worth approximately $1,353,000. 86.31% of the stock is 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.