Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 6.2% – What’s Next?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) traded down 6.2% on Monday . The company traded as low as $10.04 and last traded at $10.22. 250,279 shares traded hands during trading, a decline of 66% from the average session volume of 746,386 shares. The stock had previously closed at $10.90.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CGEM shares. Wedbush raised their target price on shares of Cullinan Therapeutics from $25.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, December 9th. HC Wainwright boosted their price target on shares of Cullinan Therapeutics from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday. BTIG Research increased their target price on Cullinan Therapeutics from $32.00 to $38.00 and gave the company a “buy” rating in a report on Monday, November 24th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cullinan Therapeutics in a research note on Monday, December 29th. Finally, New Street Research set a $26.00 price target on Cullinan Therapeutics in a research note on Thursday, November 20th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cullinan Therapeutics has an average rating of “Moderate Buy” and an average price target of $28.71.

Cullinan Therapeutics Stock Down 2.7%

The business’s fifty day moving average is $10.02 and its 200 day moving average is $8.31. The stock has a market cap of $626.80 million, a PE ratio of -3.21 and a beta of -0.09.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share for the quarter, beating the consensus estimate of ($0.95) by $0.18. As a group, analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 9,922 shares of the company’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $10.01, for a total value of $99,319.22. Following the transaction, the chief executive officer directly owned 420,699 shares of the company’s stock, valued at $4,211,196.99. This represents a 2.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jacquelyn L. Sumer sold 3,480 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $9.67, for a total value of $33,651.60. Following the completion of the transaction, the insider owned 135,432 shares of the company’s stock, valued at approximately $1,309,627.44. The trade was a 2.51% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders bought 414,416 shares of company stock worth $3,496,187 and sold 29,420 shares worth $306,882. Corporate insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its holdings in shares of Cullinan Therapeutics by 49.4% during the fourth quarter. SG Americas Securities LLC now owns 15,631 shares of the company’s stock valued at $162,000 after purchasing an additional 5,165 shares during the last quarter. Tudor Investment Corp ET AL grew its position in Cullinan Therapeutics by 30.9% during the third quarter. Tudor Investment Corp ET AL now owns 28,988 shares of the company’s stock valued at $172,000 after purchasing an additional 6,850 shares in the last quarter. XTX Topco Ltd raised its holdings in shares of Cullinan Therapeutics by 289.8% during the third quarter. XTX Topco Ltd now owns 167,979 shares of the company’s stock worth $996,000 after acquiring an additional 124,884 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in shares of Cullinan Therapeutics by 127.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 152,409 shares of the company’s stock valued at $904,000 after buying an additional 85,290 shares in the last quarter. Finally, Prelude Capital Management LLC increased its stake in shares of Cullinan Therapeutics by 201.2% during the 3rd quarter. Prelude Capital Management LLC now owns 48,652 shares of the company’s stock worth $289,000 after purchasing an additional 32,500 shares during the last quarter. 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.