Cullinan Therapeutics (NASDAQ:CGEM) Sets New 1-Year Low – Time to Sell?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $9.50 and last traded at $10.01, with a volume of 873022 shares trading hands. The stock had previously closed at $11.04.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. UBS Group started coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $31.67.

Cullinan Therapeutics Trading Down 0.4 %

The company’s 50-day moving average is $12.65 and its 200-day moving average is $15.68. The firm has a market cap of $590.45 million, a price-to-earnings ratio of -3.57 and a beta of -0.14.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results 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. Equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Activity at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the transaction, the chief executive officer now directly owns 263,150 shares in the company, valued at $3,123,590.50. This represents a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer Michaelson sold 3,489 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $12.52, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders have sold 28,582 shares of company stock valued at $372,097 over the last ninety days. 6.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank raised its position 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. Arizona State Retirement System bought a new stake in shares of Cullinan Therapeutics during the second quarter worth about $182,000. Squarepoint Ops LLC acquired a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $186,000. China Universal Asset Management Co. Ltd. raised its holdings in Cullinan Therapeutics by 64.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock valued at $187,000 after buying an additional 4,380 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Cullinan Therapeutics by 40.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock worth $265,000 after buying an additional 4,393 shares during the period. Institutional investors 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.