Insider Selling: Cullinan Therapeutics, Inc. (NASDAQ:CGEM) CEO Sells $99,708.00 in Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $12.02 on Monday. The business’s 50-day simple moving average is $13.83 and its two-hundred day simple moving average is $16.28. The company has a market cap of $699.90 million, a PE ratio of -4.23 and a beta of -0.18. Cullinan Therapeutics, Inc. has a fifty-two week low of $9.91 and a fifty-two week high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. As a group, analysts predict that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Analyst Ratings Changes

CGEM has been the topic of several research analyst reports. Wedbush restated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. UBS Group began coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $31.67.

Institutional Trading of Cullinan Therapeutics

Large investors have recently made changes to their positions in the business. Deerfield Management Company L.P. Series C lifted its position in Cullinan Therapeutics by 188.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock valued at $57,207,000 after purchasing an additional 2,141,706 shares during the period. State Street Corp lifted its holdings in shares of Cullinan Therapeutics by 20.4% in the 3rd quarter. State Street Corp now owns 2,337,222 shares of the company’s stock valued at $39,125,000 after buying an additional 396,034 shares during the period. RTW Investments LP lifted its holdings in shares of Cullinan Therapeutics by 62.1% in the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock valued at $28,558,000 after buying an additional 653,330 shares during the period. Holocene Advisors LP grew its holdings in Cullinan Therapeutics by 16.5% during the third quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock worth $25,672,000 after acquiring an additional 217,574 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Cullinan Therapeutics by 23.8% during the third quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock worth $20,233,000 after acquiring an additional 231,935 shares during the period. 86.31% of the stock is owned by hedge funds and other 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.