Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 8.5% – Should You Sell?
by Jessica Moore · The Cerbat GemShares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM – Get Free Report) fell 8.5% during trading on Tuesday . The company traded as low as $13.70 and last traded at $13.6090. 134,894 shares were traded during mid-day trading, a decline of 83% from the average session volume of 805,472 shares. The stock had previously closed at $14.87.
Analyst Ratings Changes
CGEM has been the subject of several research reports. Wall Street Zen upgraded shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Wedbush lifted their price target on Cullinan Therapeutics from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Citigroup initiated coverage on Cullinan Therapeutics in a report on Tuesday, February 17th. They issued a “buy” rating and a $33.00 price objective on the stock. Zacks Research lowered Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 19th. Finally, Guggenheim assumed coverage on shares of Cullinan Therapeutics in a report on Monday, February 2nd. They issued a “buy” rating and a $30.00 price target on the stock. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Cullinan Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $30.75.
Get Our Latest Report on Cullinan Therapeutics
Cullinan Therapeutics Price Performance
The business’s fifty day simple moving average is $14.22 and its two-hundred day simple moving average is $12.29. The company has a market cap of $880.69 million, a PE ratio of -4.26 and a beta of -0.09.
Cullinan Therapeutics (NASDAQ:CGEM – Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.09. As a group, analysts predict that Cullinan Therapeutics, Inc. will post -3.07 EPS for the current year.
Insider Buying and Selling
In other news, insider Jacquelyn L. Sumer sold 3,601 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $14.47, for a total value of $52,106.47. Following the completion of the sale, the insider directly owned 128,089 shares in the company, valued at $1,853,447.83. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $14.62, for a total value of $116,960.00. Following the transaction, the insider owned 166,844 shares in the company, valued at $2,439,259.28. This trade represents a 4.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 86,076 shares of company stock valued at $1,225,314 in the last 90 days. Corporate insiders own 8.60% of the company’s stock.
Institutional Trading of Cullinan Therapeutics
Institutional investors have recently modified their holdings of the stock. Affinity Asset Advisors LLC raised its holdings in shares of Cullinan Therapeutics by 632.4% during the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock valued at $19,997,000 after acquiring an additional 1,668,289 shares during the last quarter. Lynx1 Capital Management LP boosted its stake in shares of Cullinan Therapeutics by 31.0% in the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after acquiring an additional 1,365,248 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in shares of Cullinan Therapeutics during the fourth quarter worth approximately $12,803,000. State Street Corp increased its position in shares of Cullinan Therapeutics by 31.0% during the fourth quarter. State Street Corp now owns 2,197,338 shares of the company’s stock worth $22,742,000 after purchasing an additional 520,024 shares in the last quarter. Finally, Caption Management LLC raised its stake in Cullinan Therapeutics by 107.0% in the 3rd quarter. Caption Management LLC now owns 28,389 shares of the company’s stock valued at $168,000 after purchasing an additional 435,062 shares during the last quarter. Institutional investors and hedge funds 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.