Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 4.9% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares dropped 4.9% during trading on Monday . The stock traded as low as $12.40 and last traded at $12.8510. Approximately 716,539 shares were traded during trading, a decline of 14% from the average daily volume of 835,754 shares. The stock had previously closed at $13.51.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research note on Monday. Zacks Research cut Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. BTIG Research reaffirmed a “buy” rating and issued a $38.00 target price on shares of Cullinan Therapeutics in a research report on Tuesday, May 19th. Wedbush upped their target price on Cullinan Therapeutics from $36.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Finally, Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.75.

Cullinan Therapeutics Stock Down 0.8%

The business’s 50 day simple moving average is $14.53 and its 200 day simple moving average is $12.95. The stock has a market cap of $810.04 million, a price-to-earnings ratio of -3.92 and a beta of -0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.09. Equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total value of $116,960.00. Following the sale, the insider owned 166,844 shares in the company, valued at approximately $2,439,259.28. This represents a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.60% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds have recently modified their holdings of the stock. Affinity Asset Advisors LLC grew its stake in Cullinan Therapeutics by 632.4% in the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock valued at $19,997,000 after buying an additional 1,668,289 shares during the last quarter. Lynx1 Capital Management LP boosted its holdings in shares of Cullinan Therapeutics by 31.0% during the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after acquiring an additional 1,365,248 shares during the period. Boothbay Fund Management LLC bought a new stake in shares of Cullinan Therapeutics during the fourth quarter worth approximately $12,803,000. State Street Corp grew its position in shares of Cullinan Therapeutics by 31.0% in the fourth quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after purchasing an additional 520,024 shares during the last quarter. Finally, Caption Management LLC increased its stake in shares of Cullinan Therapeutics by 107.0% during the third quarter. Caption Management LLC now owns 28,389 shares of the company’s stock worth $168,000 after purchasing an additional 435,062 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.