Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Down – Time to Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $10.34, but opened at $10.01. Cullinan Therapeutics shares last traded at $10.04, with a volume of 100,331 shares trading hands.

Wall Street Analyst Weigh In

CGEM has been the topic of a number of research reports. New Street Research set a $26.00 price objective on Cullinan Therapeutics in a research note on Thursday, November 20th. BTIG Research raised their target price on shares of Cullinan Therapeutics from $32.00 to $38.00 and gave the company a “buy” rating in a report on Monday, November 24th. Wedbush upped their price target on shares of Cullinan Therapeutics from $25.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. Zacks Research upgraded shares of Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Finally, HC Wainwright lifted their price objective on shares of Cullinan Therapeutics from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, November 20th. Six investment 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 stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.29.

Cullinan Therapeutics Stock Performance

The company has a fifty day moving average of $9.40 and a two-hundred day moving average of $8.12. The company has a market cap of $602.50 million, a PE ratio of -3.08 and a beta of -0.11.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.77) EPS for the quarter, topping the consensus estimate of ($0.95) by $0.18. On average, equities analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Insider Activity at Cullinan Therapeutics

In other news, major shareholder Lynx1 Capital Management Lp purchased 626,043 shares of the business’s stock in a transaction that occurred on Thursday, October 9th. The shares were bought at an average cost of $6.70 per share, for a total transaction of $4,194,488.10. Following the acquisition, the insider owned 8,271,786 shares of the company’s stock, valued at approximately $55,420,966.20. This trade represents a 8.19% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer Michaelson sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $12.30, for a total transaction of $49,200.00. Following the completion of the sale, the insider directly owned 138,004 shares of the company’s stock, valued at approximately $1,697,449.20. The trade was a 2.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have bought 1,874,057 shares of company stock worth $13,325,286 and have sold 19,498 shares worth $207,563. 6.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Lynx1 Capital Management LP grew its position in Cullinan Therapeutics by 31.0% in the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after acquiring an additional 1,365,248 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Cullinan Therapeutics by 3.5% during the first quarter. Vanguard Group Inc. now owns 3,039,731 shares of the company’s stock valued at $23,011,000 after purchasing an additional 103,504 shares during the period. Blue Owl Capital Holdings LP grew its holdings in shares of Cullinan Therapeutics by 5.2% in the third quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock worth $14,890,000 after purchasing an additional 125,000 shares during the last quarter. Franklin Resources Inc. increased its stake in Cullinan Therapeutics by 0.4% in the 2nd quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock worth $16,778,000 after buying an additional 8,399 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Cullinan Therapeutics by 3.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,279,496 shares of the company’s stock valued at $9,636,000 after buying an additional 37,679 shares in the last quarter. 86.31% of the stock is owned by institutional investors.

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.