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

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) reached a new 52-week low during trading on Monday . The company traded as low as $8.90 and last traded at $8.86, with a volume of 15243 shares. The stock had previously closed at $9.03.

Wall Street Analyst Weigh In

Separately, HC Wainwright raised their price objective on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $32.50.

Cullinan Therapeutics Stock Down 1.8 %

The firm has a market capitalization of $498.43 million, a P/E ratio of -3.01 and a beta of -0.16. The business’s 50-day simple moving average is $10.69 and its 200 day simple moving average is $14.07.

Insider Activity

In related news, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the sale, the chief executive officer now directly owns 263,150 shares in the company, valued at $3,123,590.50. This represents a 3.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jennifer Michaelson sold 3,489 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $12.52, for a total value of $43,682.28. Following the transaction, the insider now directly owns 104,453 shares of the company’s stock, valued at $1,307,751.56. The trade was a 3.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,582 shares of company stock valued at $246,977. Corporate insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CGEM. Amalgamated Bank increased its position in Cullinan Therapeutics by 97.3% during the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after purchasing an additional 872 shares during the period. Federated Hermes Inc. lifted its holdings in Cullinan Therapeutics by 67.0% in the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock worth $46,000 after buying an additional 1,525 shares during the period. Virtus ETF Advisers LLC boosted its position in Cullinan Therapeutics by 37.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock valued at $71,000 after acquiring an additional 1,600 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in Cullinan Therapeutics during the 4th quarter valued at approximately $77,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Cullinan Therapeutics in the 4th quarter worth approximately $83,000. 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.