Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 7.6% – Should You Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) traded down 7.6% during trading on Tuesday . The company traded as low as $11.43 and last traded at $11.95. 1,110,178 shares traded hands during mid-day trading, an increase of 84% from the average session volume of 602,640 shares. The stock had previously closed at $12.93.

Wall Street Analysts Forecast Growth

CGEM has been the topic of several research reports. Wedbush reaffirmed an “outperform” rating and issued a $25.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, November 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, October 8th. Morgan Stanley dropped their price objective on Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a report on Monday, August 18th. HC Wainwright raised their price objective on shares of Cullinan Therapeutics from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, November 20th. Finally, New Street Research set a $26.00 target price on shares of Cullinan Therapeutics in a research note on Thursday. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Cullinan Therapeutics Trading Down 10.5%

The stock has a market capitalization of $683.51 million, a price-to-earnings ratio of -3.50 and a beta of -0.07. The company has a fifty day moving average of $7.47 and a two-hundred day moving average of $7.69.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.77) EPS for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.18. As a group, sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In related news, major shareholder Lynx1 Capital Management Lp acquired 165,667 shares of the business’s stock in a transaction dated Tuesday, October 28th. The stock was acquired at an average price of $8.40 per share, with a total value of $1,391,602.80. Following the completion of the transaction, the insider owned 8,963,500 shares of the company’s stock, valued at approximately $75,293,400. This represents a 1.88% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last quarter, insiders have acquired 1,874,057 shares of company stock valued at $13,325,286. Company insiders own 7.16% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Brooklyn Investment Group acquired a new stake in shares of Cullinan Therapeutics during the 1st quarter valued at about $34,000. SG Americas Securities LLC acquired a new position in Cullinan Therapeutics in the third quarter worth about $62,000. Tower Research Capital LLC TRC lifted its stake in Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after purchasing an additional 2,523 shares during the period. Inscription Capital LLC acquired a new stake in Cullinan Therapeutics during the third quarter valued at approximately $67,000. Finally, Compass Ion Advisors LLC bought a new stake in shares of Cullinan Therapeutics in the 3rd quarter valued at approximately $82,000. Institutional investors and hedge funds 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.