Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 4.9% – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) fell 4.9% during trading on Monday . The stock traded as low as $12.40 and last traded at $12.8510. 716,539 shares were traded during mid-day trading, a decline of 14% from the average session volume of 835,754 shares. The stock had previously closed at $13.51.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Cullinan Therapeutics in a report on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Friday, April 10th. Zacks Research downgraded Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 19th. BTIG Research reaffirmed a “buy” rating and set a $38.00 price target on shares of Cullinan Therapeutics in a report on Tuesday, May 19th. Finally, Wedbush raised their price target on Cullinan Therapeutics from $36.00 to $37.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $30.75.

Cullinan Therapeutics Trading Down 1.9%

The stock has a market cap of $814.32 million, a P/E ratio of -3.94 and a beta of -0.01. The firm has a 50-day simple moving average of $14.53 and a two-hundred day simple moving average of $12.89.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data 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. Sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Cullinan Therapeutics by 1.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company’s stock worth $497,000 after buying an additional 888 shares during the period. Caitong International Asset Management Co. Ltd increased its position in Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock worth $28,000 after buying an additional 1,036 shares during the period. AlphaCentric Advisors LLC increased its position in Cullinan Therapeutics by 5.7% during the 1st quarter. AlphaCentric Advisors LLC now owns 20,135 shares of the company’s stock worth $286,000 after buying an additional 1,094 shares during the period. Kennedy Capital Management LLC increased its position in Cullinan Therapeutics by 2.7% during the 4th quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company’s stock worth $489,000 after buying an additional 1,255 shares during the period. Finally, CWM LLC increased its position in Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after buying an additional 1,318 shares during the period. Institutional investors own 86.31% of the company’s stock.

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.