Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 5%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price dropped 5% during mid-day trading on Tuesday . The stock traded as low as $15.89 and last traded at $15.90. Approximately 141,161 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 699,831 shares. The stock had previously closed at $16.73.

Analyst Upgrades and Downgrades

CGEM has been the subject of several research analyst reports. Stifel Nicolaus initiated coverage on shares of Cullinan Therapeutics in a report on Wednesday, May 1st. They issued a “buy” rating and a $40.00 target price for the company. William Blair restated an “outperform” rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. HC Wainwright reiterated a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. BTIG Research increased their price target on shares of Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Finally, Wedbush reiterated an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research note on Thursday, May 16th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $32.00.

Cullinan Therapeutics Trading Up 2.9 %

The stock has a market cap of $967.03 million, a price-to-earnings ratio of -5.36 and a beta of -0.12. The stock’s 50 day moving average is $22.50 and its two-hundred day moving average is $17.67.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.86) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. On average, sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.02 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 58,000 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $28.07, for a total value of $1,628,060.00. Following the completion of the sale, the insider now owns 129,582 shares in the company, valued at approximately $3,637,366.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Several hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. increased its holdings in shares of Cullinan Therapeutics by 31.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock valued at $44,000 after purchasing an additional 615 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Cullinan Therapeutics by 352.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock valued at $50,000 after purchasing an additional 3,859 shares in the last quarter. Vontobel Holding Ltd. purchased a new position in shares of Cullinan Therapeutics in the 4th quarter valued at about $102,000. Bailard Inc. purchased a new position in shares of Cullinan Therapeutics in the 4th quarter valued at about $110,000. Finally, Annandale Capital LLC increased its holdings in shares of Cullinan Therapeutics by 20.0% in the 3rd quarter. Annandale Capital LLC now owns 12,000 shares of the company’s stock valued at $109,000 after purchasing an additional 2,000 shares in 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.