Cullinan Therapeutics (NASDAQ:CGEM) Stock Falls 6.7% – Time to Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares traded down 6.7% during trading on Friday. The company traded as low as $13.88 and last traded at $13.92. 65,627 shares traded hands during trading, a decline of 93% from the average daily volume of 899,566 shares. The stock had previously closed at $14.92.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CGEM shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, October 2nd. TD Cowen raised shares of Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. BTIG Research reaffirmed a “buy” rating and set a $40.00 target price on shares of Cullinan Therapeutics in a report on Monday. Wedbush lifted their price objective on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $35.00 target price on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.71.

Cullinan Therapeutics Stock Performance

The company has a market capitalization of $915.84 million, a P/E ratio of -4.60 and a beta of -0.05. The stock has a fifty day moving average of $18.67 and a 200 day moving average of $16.86.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). Research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total value of $172,560.00. Following the transaction, the insider owned 158,844 shares of the company’s stock, valued at $3,426,265.08. The trade was a 4.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC purchased a new position in Cullinan Therapeutics in the second quarter valued at $25,000. GAMMA Investing LLC boosted its position in Cullinan Therapeutics by 38.3% during the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock worth $41,000 after purchasing an additional 738 shares during the period. Allworth Financial LP bought a new position in shares of Cullinan Therapeutics in the second quarter worth $53,000. Quantbot Technologies LP bought a new stake in shares of Cullinan Therapeutics in the 2nd quarter worth approximately $53,000. Finally, Royal Bank of Canada raised its holdings in shares of Cullinan Therapeutics by 160.6% during the first quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock worth $58,000 after acquiring an additional 2,492 shares in the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.