Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 8.5% – Should You Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price dropped 8.5% on Tuesday . The stock traded as low as $13.70 and last traded at $13.6090. Approximately 134,894 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 805,472 shares. The stock had previously closed at $14.87.

Analyst Ratings Changes

A number of analysts have commented on CGEM shares. Guggenheim started coverage on shares of Cullinan Therapeutics in a research report on Monday, February 2nd. They set a “buy” rating and a $30.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. Wall Street Zen upgraded shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. HC Wainwright boosted their price target on shares of Cullinan Therapeutics from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Finally, Citigroup started coverage on shares of Cullinan Therapeutics in a research report on Tuesday, February 17th. They set a “buy” rating and a $33.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Cullinan Therapeutics has an average rating of “Moderate Buy” and an average price target of $30.75.

Cullinan Therapeutics Stock Down 6.8%

The firm has a market capitalization of $851.59 million, a price-to-earnings ratio of -4.13 and a beta of -0.09. The firm’s 50 day moving average is $14.27 and its 200 day moving average is $12.20.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share for the quarter, topping the consensus estimate of ($0.84) by $0.09. On average, sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.07 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Mary Kay Fenton sold 4,398 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $59,900.76. Following the transaction, the chief financial officer directly owned 126,380 shares of the company’s stock, valued at approximately $1,721,295.60. The trade was a 3.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jeffrey Alan Jones sold 4,982 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $13.62, for a total transaction of $67,854.84. Following the transaction, the insider directly owned 164,550 shares in the company, valued at $2,241,171. The trade was a 2.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 86,076 shares of company stock valued at $1,225,314 over the last 90 days. 8.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CGEM. Caitong International Asset Management Co. Ltd lifted its stake in Cullinan Therapeutics by 62.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after acquiring an additional 1,036 shares during the last quarter. Seven Fleet Capital Management LP acquired a new stake in Cullinan Therapeutics in the fourth quarter valued at approximately $31,000. CWM LLC lifted its stake in Cullinan Therapeutics by 51.5% in the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after acquiring an additional 1,318 shares during the last quarter. Signaturefd LLC lifted its stake in Cullinan Therapeutics by 689.7% in the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company’s stock valued at $43,000 after acquiring an additional 3,607 shares during the last quarter. Finally, Royal Bank of Canada lifted its stake in Cullinan Therapeutics by 160.6% in the first quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock valued at $58,000 after acquiring an additional 2,492 shares during the last quarter. 86.31% of the stock is 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.