Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 6.3% – Should You Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price traded down 6.3% during mid-day trading on Friday . The company traded as low as $14.33 and last traded at $14.33. 98,219 shares were traded during trading, a decline of 85% from the average session volume of 652,221 shares. The stock had previously closed at $15.30.

Analyst Upgrades and Downgrades

CGEM has been the topic of several research reports. Wedbush restated an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. UBS Group assumed coverage on shares of Cullinan Therapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $31.67.

Cullinan Therapeutics Price Performance

The stock has a market capitalization of $822.18 million, a P/E ratio of -4.96 and a beta of -0.12. The stock’s 50-day simple moving average is $16.62 and its 200 day simple moving average is $19.00.

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

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Tuesday, November 5th. The stock was 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 directly owns 107,942 shares of the company’s stock, valued at $1,688,212.88. The trade was a 6.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. HighVista Strategies LLC acquired a new stake in Cullinan Therapeutics during the third quarter worth about $534,000. Holocene Advisors LP increased its stake in Cullinan Therapeutics by 16.5% in the third quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock valued at $25,672,000 after acquiring an additional 217,574 shares during the last quarter. Braidwell LP raised its position in Cullinan Therapeutics by 567.6% during the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock valued at $19,689,000 after purchasing an additional 1,000,000 shares in the last quarter. Verition Fund Management LLC bought a new stake in Cullinan Therapeutics during the third quarter worth $613,000. Finally, Walleye Capital LLC lifted its stake in Cullinan Therapeutics by 253.6% during the third quarter. Walleye Capital LLC now owns 328,417 shares of the company’s stock worth $5,498,000 after purchasing an additional 235,548 shares during the last quarter. 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.