Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 7.1% – Time to Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price fell 7.1% on Wednesday . The company traded as low as $20.43 and last traded at $20.13. Approximately 213,438 shares were traded during mid-day trading, a decline of 76% from the average session volume of 872,454 shares. The stock had previously closed at $21.67.

Analyst Upgrades and Downgrades

CGEM has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, September 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. TD Cowen raised shares of Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. BTIG Research lifted their price target on shares of Cullinan Therapeutics from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, September 14th. Finally, Wedbush upped their price target on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

Cullinan Therapeutics Trading Down 16.8%

The stock has a 50 day moving average of $19.87 and a 200-day moving average of $16.70. The stock has a market capitalization of $1.16 billion, a P/E ratio of -5.85 and a beta of 0.02.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). Research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.08 EPS for the current year.

Insider Activity at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $20.26, for a total value of $607,800.00. Following the transaction, the insider owned 162,844 shares of the company’s stock, valued at $3,299,219.44. This trade represents a 15.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 46,000 shares of company stock valued at $922,920 in the last quarter. Corporate insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth $95,289,000. Blue Owl Capital Holdings LP purchased a new position in Cullinan Therapeutics in the second quarter valued at about $28,039,000. Boothbay Fund Management LLC bought a new position in Cullinan Therapeutics in the fourth quarter worth about $12,803,000. Boone Capital Management LLC bought a new position in Cullinan Therapeutics in the second quarter worth about $12,828,000. Finally, Elmind Capital LP purchased a new stake in shares of Cullinan Therapeutics during the second quarter valued at about $12,564,900. 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 targeted therapies for cancer and other serious diseases. The company’s approach combines internally developed drug candidates with licensed or acquired programs and partnerships intended to address areas of significant unmet medical need.

Its pipeline has included zipalertinib, an oral tyrosine kinase inhibitor being developed for patients with non-small cell lung cancer whose tumors have EGFR exon 20 insertion mutations.