Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 14.7% – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price traded down 14.7% on Wednesday. The company traded as low as $13.73 and last traded at $13.4410. 338,531 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 887,337 shares. The stock had previously closed at $15.75.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. HC Wainwright restated a “buy” rating and set a $35.00 target price on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Wedbush increased their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, August 13th. Wall Street Zen lowered Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th. TD Cowen upgraded Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. Finally, BTIG Research upped their price objective on Cullinan Therapeutics from $40.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $33.86.

Cullinan Therapeutics Stock Performance

The business’s fifty day moving average is $17.65 and its two-hundred day moving average is $15.82. The company has a market cap of $797.42 million, a P/E ratio of -3.96 and a beta of -0.03.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). Analysts expect that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $21.57, for a total value of $172,560.00. Following the completion of the sale, the insider owned 158,844 shares in the company, valued at approximately $3,426,265.08. The trade was a 4.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CGEM. AlphaCentric Advisors LLC grew its position in shares of Cullinan Therapeutics by 4.2% during the 3rd quarter. AlphaCentric Advisors LLC now owns 21,278 shares of the company’s stock worth $327,000 after buying an additional 852 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Cullinan Therapeutics in the third quarter valued at about $50,000. China Universal Asset Management Co. Ltd. lifted its stake in Cullinan Therapeutics by 20.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,742 shares of the company’s stock worth $179,000 after acquiring an additional 1,961 shares during the period. Ellsworth Advisors LLC purchased a new stake in Cullinan Therapeutics in the third quarter worth about $1,149,000. Finally, GAMMA Investing LLC grew its holdings in Cullinan Therapeutics by 38.3% during the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock worth $41,000 after acquiring an additional 738 shares in the last quarter. 86.31% of the stock is owned by institutional investors.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.