Nadim Ahmed Sells 8,400 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) CEO Nadim Ahmed sold 8,400 shares of the business’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the sale, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Cullinan Therapeutics Trading Down 6.8 %

NASDAQ CGEM opened at $12.02 on Friday. The stock has a market cap of $699.90 million, a P/E ratio of -4.23 and a beta of -0.18. The company’s fifty day simple moving average is $13.83 and its 200-day simple moving average is $16.32. Cullinan Therapeutics, Inc. has a 52 week low of $9.91 and a 52 week high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.09. On average, research analysts expect that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp increased its holdings in Cullinan Therapeutics by 46.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock worth $2,407,000 after purchasing an additional 43,757 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cullinan Therapeutics by 73.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after acquiring an additional 3,758 shares in the last quarter. Rhumbline Advisers boosted its stake in Cullinan Therapeutics by 16.4% during the 2nd quarter. Rhumbline Advisers now owns 54,351 shares of the company’s stock valued at $948,000 after acquiring an additional 7,649 shares during the last quarter. Arizona State Retirement System acquired a new position in Cullinan Therapeutics during the 2nd quarter worth $182,000. Finally, American Century Companies Inc. increased its position in shares of Cullinan Therapeutics by 32.9% in the 2nd quarter. American Century Companies Inc. now owns 76,018 shares of the company’s stock worth $1,326,000 after purchasing an additional 18,840 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.