Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 4% – What’s Next?

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

Wall Street Analysts Forecast Growth

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

Cullinan Therapeutics Price Performance

The business’s 50-day moving average price is $14.38 and its 200-day moving average price is $16.76. The firm has a market capitalization of $637.60 million, a PE ratio of -3.86 and a beta of -0.18.

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

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total value of $125,120.00. Following the completion of the transaction, the insider now owns 107,942 shares in the company, valued at $1,688,212.88. This trade represents a 6.90 % decrease in their position. The sale 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.

Institutional Trading of Cullinan Therapeutics

A number of institutional investors have recently bought and sold shares of the company. Deerfield Management Company L.P. Series C increased its holdings in Cullinan Therapeutics by 188.1% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock valued at $57,207,000 after acquiring an additional 2,141,706 shares in the last quarter. State Street Corp boosted its stake in shares of Cullinan Therapeutics by 20.4% during the third quarter. State Street Corp now owns 2,337,222 shares of the company’s stock valued at $39,125,000 after acquiring an additional 396,034 shares during the last quarter. RTW Investments LP raised its stake in Cullinan Therapeutics by 62.1% in the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock valued at $28,558,000 after purchasing an additional 653,330 shares during the last quarter. Holocene Advisors LP raised its stake in Cullinan Therapeutics by 16.5% in the 3rd quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock valued at $25,672,000 after purchasing an additional 217,574 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Cullinan Therapeutics by 23.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after purchasing an additional 231,935 shares in the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.