Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 5.4% – Time to Sell?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) fell 5.4% during trading on Monday . The company traded as low as $12.00 and last traded at $12.00. 124,039 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 276,493 shares. The stock had previously closed at $12.68.

Analyst Ratings Changes

CGEM has been the topic of a number of research reports. Wedbush reiterated an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Finally, UBS Group initiated coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $31.67.

Cullinan Therapeutics Stock Performance

The firm has a 50 day simple moving average of $13.17 and a two-hundred day simple moving average of $15.90. The stock has a market cap of $648.08 million, a P/E ratio of -3.92 and a beta of -0.14.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. As a group, equities research analysts predict that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 3,489 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total value of $43,682.28. Following the completion of the sale, the insider now owns 104,453 shares in the company, valued at $1,307,751.56. This represents a 3.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $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. In the last three months, insiders sold 28,582 shares of company stock valued at $372,097. Company insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Deerfield Management Company L.P. Series C grew its position in Cullinan Therapeutics by 188.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after buying an additional 2,141,706 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Cullinan Therapeutics by 2,416.9% during the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after acquiring an additional 1,136,993 shares in the last quarter. Braidwell LP grew its holdings in shares of Cullinan Therapeutics by 567.6% in the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after acquiring an additional 1,000,000 shares during the last quarter. Patient Square Capital LP acquired a new stake in shares of Cullinan Therapeutics during the third quarter worth $13,806,000. Finally, Perceptive Advisors LLC purchased a new stake in shares of Cullinan Therapeutics during the second quarter valued at $13,079,000. 86.31% of the stock is currently owned by 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.