Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 52-Week Low – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CGEM shares. 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 target on the stock. HC Wainwright raised their price objective on Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $32.50.

Cullinan Therapeutics Price Performance

The business has a 50-day moving average of $10.98 and a two-hundred day moving average of $14.35. The company has a market cap of $539.21 million, a P/E ratio of -3.26 and a beta of -0.16.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,693 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was 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. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,582 shares of company stock valued at $246,977. 6.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several institutional investors have recently added to or reduced their stakes in CGEM. Amalgamated Bank lifted its holdings in shares of Cullinan Therapeutics by 97.3% during the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after purchasing an additional 872 shares during the period. China Universal Asset Management Co. Ltd. raised its position in Cullinan Therapeutics by 10.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock valued at $150,000 after acquiring an additional 1,195 shares in the last quarter. Invesco Ltd. raised its position in Cullinan Therapeutics by 2.4% during the fourth quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock valued at $725,000 after acquiring an additional 1,395 shares in the last quarter. Federated Hermes Inc. raised its position in Cullinan Therapeutics by 67.0% during the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock valued at $46,000 after acquiring an additional 1,525 shares in the last quarter. Finally, Virtus ETF Advisers LLC raised its position in Cullinan Therapeutics by 37.8% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock valued at $71,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors and hedge funds 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.