Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 6.3% – Time to Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) traded down 6.3% during trading on Friday . The company traded as low as $14.33 and last traded at $14.33. 98,219 shares were traded during mid-day trading, a decline of 85% from the average session volume of 652,221 shares. The stock had previously closed at $15.30.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wedbush reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. HC Wainwright restated a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Finally, UBS Group started coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $30.00 target price on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cullinan Therapeutics has an average rating of “Buy” and an average price target of $31.67.

Cullinan Therapeutics Stock Performance

The firm has a market cap of $807.04 million, a PE ratio of -4.88 and a beta of -0.12. The stock has a 50-day simple moving average of $16.54 and a two-hundred day simple moving average of $18.85.

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

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $18.09, for a total transaction of $144,720.00. Following the completion of the sale, the insider now directly owns 115,942 shares in the company, valued at $2,097,390.78. The trade was a 6.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. raised its position in Cullinan Therapeutics by 31.0% in the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after acquiring an additional 615 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Cullinan Therapeutics by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,842 shares of the company’s stock worth $390,000 after purchasing an additional 820 shares in the last quarter. Amalgamated Bank raised its holdings in Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after purchasing an additional 872 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Cullinan Therapeutics by 3.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company’s stock valued at $1,187,000 after purchasing an additional 2,377 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Cullinan Therapeutics by 22.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock valued at $294,000 after purchasing an additional 3,134 shares during the period. Hedge funds and other 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.