Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 1-Year Low – Here’s Why

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) hit a new 52-week low on Tuesday . The stock traded as low as $9.44 and last traded at $9.44, with a volume of 79301 shares traded. The stock had previously closed at $9.53.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CGEM. HC Wainwright upped their target price on Cullinan Therapeutics from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. UBS Group began coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 target price for the company. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $32.50.

Cullinan Therapeutics Stock Performance

The company has a 50 day moving average of $10.86 and a 200 day moving average of $14.28. The stock has a market capitalization of $532.80 million, a price-to-earnings ratio of -3.22 and a beta of -0.16.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer Michaelson sold 4,693 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $11.41, for a total value of $53,547.13. Following the completion of the sale, the insider now owns 99,760 shares of the company’s stock, valued at approximately $1,138,261.60. The trade was a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,582 shares of company stock valued at $246,977. 6.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds have recently modified their holdings of CGEM. Assenagon Asset Management S.A. grew its holdings in shares of Cullinan Therapeutics by 18.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 135,036 shares of the company’s stock worth $2,261,000 after purchasing an additional 20,841 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in 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 in the last quarter. Harbor Capital Advisors Inc. lifted its stake in Cullinan Therapeutics by 22.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock worth $358,000 after acquiring an additional 3,881 shares in the last quarter. Amalgamated Bank lifted its stake in Cullinan Therapeutics by 97.3% during the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after acquiring an additional 872 shares in the last quarter. Finally, Quest Partners LLC lifted its stake in Cullinan Therapeutics by 900.7% during the 3rd quarter. Quest Partners LLC now owns 20,404 shares of the company’s stock worth $342,000 after acquiring an additional 18,365 shares in the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.