Cullinan Oncology (NASDAQ:CGEM) Sets New 52-Week Low Following Insider Selling

Cullinan Oncology, Inc. (NASDAQ:CGEM) hit a new 52-week low during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $22.48 and last traded at $22.56, with a volume of 176970 shares trading hands. The stock had previously closed at $23.45.

Specifically, Director Ansbert Gadicke sold 7,376 shares of the firm’s stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $29.11, for a total value of $214,715.36. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Leigh Zawel sold 21,204 shares of the firm’s stock in a transaction that occurred on Monday, August 9th. The stock was sold at an average price of $26.57, for a total transaction of $563,390.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 245,910 shares of company stock valued at $7,099,392. Insiders own 21.78% of the company’s stock.

CGEM has been the subject of a number of recent research reports. SVB Leerink lifted their price objective on shares of Cullinan Oncology from $48.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday, June 4th. Zacks Investment Research cut shares of Cullinan Oncology from a “buy” rating to a “hold” rating in a research report on Wednesday, August 4th. HC Wainwright boosted their price target on shares of Cullinan Oncology from $48.00 to $55.00 and gave the company a “buy” rating in a report on Friday, June 4th. Finally, Morgan Stanley boosted their price objective on shares of Cullinan Oncology from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, June 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $46.80.

The stock’s 50-day moving average price is $27.08 and its 200 day moving average price is $30.88. The firm has a market capitalization of $1.03 billion and a price-to-earnings ratio of -4.32.

Cullinan Oncology (NASDAQ:CGEM) last issued its earnings results on Monday, August 9th. The company reported ($0.44) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.42) by ($0.02). Equities research analysts predict that Cullinan Oncology, Inc. will post -1.27 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in CGEM. Ikarian Capital LLC acquired a new stake in Cullinan Oncology during the first quarter worth about $42,000. Royal Bank of Canada acquired a new stake in Cullinan Oncology during the first quarter worth about $52,000. Legal & General Group Plc boosted its stake in Cullinan Oncology by 62.0% during the second quarter. Legal & General Group Plc now owns 2,195 shares of the company’s stock worth $56,000 after buying an additional 840 shares during the period. Lazard Asset Management LLC purchased a new position in Cullinan Oncology during the second quarter worth about $58,000. Finally, O Shaughnessy Asset Management LLC purchased a new position in Cullinan Oncology during the second quarter worth about $75,000. Hedge funds and other institutional investors own 74.07% of the company’s stock.

Cullinan Oncology Company Profile (NASDAQ:CGEM)

Cullinan Management, Inc, a biopharmaceutical company, focuses on developing a pipeline of targeted oncology and immuno-oncology therapies for cancer patients in the United States. The company's lead candidate is the CLN-081, an orally available small molecule that is in a Phase I/IIa dose escalation and expansion trial for treating patients with non-small cell lung cancer.

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