Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 4% – Should You Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares dropped 4% during mid-day trading on Wednesday . The company traded as low as $11.03 and last traded at $11.03. Approximately 54,156 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 640,568 shares. The stock had previously closed at $11.49.

Analyst Ratings Changes

A number of research firms recently commented on CGEM. HC Wainwright reissued a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Wedbush restated an “outperform” rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Finally, UBS Group began coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective for the company. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $31.67.

Cullinan Therapeutics Trading Down 3.3 %

The firm has a market capitalization of $646.91 million, a PE ratio of -4.05 and a beta of -0.18. The stock’s 50 day moving average price is $14.57 and its two-hundred day moving average price is $16.84.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. Analysts expect that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total transaction of $125,120.00. Following the sale, the insider now owns 107,942 shares in the company, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CGEM. Amalgamated Bank increased its stake in Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after purchasing an additional 872 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Cullinan Therapeutics by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after buying an additional 3,758 shares during the period. Arizona State Retirement System purchased a new stake in Cullinan Therapeutics in the 2nd quarter valued at about $182,000. Squarepoint Ops LLC acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at about $186,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Cullinan Therapeutics by 64.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after acquiring an additional 4,380 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.