Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 12-Month Low – Here’s What Happened

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) hit a new 52-week low on Wednesday . The company traded as low as $9.50 and last traded at $9.73, with a volume of 13028 shares. The stock had previously closed at $9.81.

Analysts Set New Price Targets

Several research analysts have issued reports on CGEM shares. HC Wainwright increased their price objective on Cullinan Therapeutics from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. UBS Group started coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $32.50.

Cullinan Therapeutics Price Performance

The firm has a market cap of $558.43 million, a PE ratio of -3.38 and a beta of -0.16. The business has a 50-day moving average price of $11.18 and a two-hundred day moving average price of $14.61.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 4,693 shares of Cullinan Therapeutics stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total value of $53,547.13. Following the completion of the sale, the insider now owns 99,760 shares of the company’s stock, valued at $1,138,261.60. The trade was a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,582 shares of company stock valued at $246,977 in the last ninety days. Corporate insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors have recently bought and sold shares of the stock. Amalgamated Bank grew its stake in Cullinan Therapeutics by 97.3% during the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after purchasing an additional 872 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its position in shares of Cullinan Therapeutics by 10.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock worth $150,000 after buying an additional 1,195 shares in the last quarter. Invesco Ltd. increased its stake in shares of Cullinan Therapeutics by 2.4% in the fourth quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock worth $725,000 after buying an additional 1,395 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Cullinan Therapeutics by 67.0% during the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock worth $46,000 after purchasing an additional 1,525 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cullinan Therapeutics by 3.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company’s stock worth $1,187,000 after purchasing an additional 2,377 shares in the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.