Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 5.4% – Here’s Why

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) were down 5.4% during mid-day trading on Monday . The company traded as low as $12.00 and last traded at $12.00. Approximately 124,039 shares were traded during trading, a decline of 55% from the average daily volume of 276,493 shares. The stock had previously closed at $12.68.

Analyst Ratings Changes

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

Cullinan Therapeutics Price Performance

The stock has a market capitalization of $648.08 million, a P/E ratio of -3.92 and a beta of -0.14. The stock’s fifty day moving average is $13.17 and its 200-day moving average is $15.90.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data 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. On average, research analysts expect that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction 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 link. Also, insider Jennifer Michaelson sold 3,489 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total value of $43,682.28. Following the sale, the insider now directly owns 104,453 shares in the company, valued at $1,307,751.56. The trade was a 3.23 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,582 shares of company stock worth $372,097. 6.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Deerfield Management Company L.P. Series C lifted its position in shares of Cullinan Therapeutics by 188.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after purchasing an additional 2,141,706 shares in the last quarter. Marshall Wace LLP lifted its holdings in Cullinan Therapeutics by 2,416.9% during the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after acquiring an additional 1,136,993 shares in the last quarter. Braidwell LP raised its holdings in shares of Cullinan Therapeutics by 567.6% during the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after acquiring an additional 1,000,000 shares during the period. Patient Square Capital LP bought a new position in shares of Cullinan Therapeutics during the 3rd quarter worth approximately $13,806,000. Finally, Perceptive Advisors LLC bought a new stake in Cullinan Therapeutics during the second quarter worth about $13,079,000. 86.31% of the stock is owned by 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.