Cullinan Therapeutics (NASDAQ:CGEM) Sees Unusually-High Trading Volume – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares saw unusually-high trading volume on Thursday . Approximately 1,050,156 shares changed hands during mid-day trading, an increase of 109% from the previous session’s volume of 503,451 shares.The stock last traded at $10.21 and had previously closed at $10.30.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in 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 target on the stock. 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 report on Wednesday, January 29th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $32.50.

Cullinan Therapeutics Stock Performance

The business has a 50 day moving average of $11.42 and a 200-day moving average of $14.90.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. On average, research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 3,489 shares of the business’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 value of $43,682.28. Following the completion of the transaction, the insider now owns 104,453 shares of the company’s stock, valued at $1,307,751.56. The trade was a 3.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the sale, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,582 shares of company stock worth $246,977. Corporate insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of large investors have recently modified their holdings of CGEM. Squarepoint Ops LLC bought a new position in Cullinan Therapeutics during the second quarter valued at approximately $186,000. The Manufacturers Life Insurance Company grew its holdings in shares of Cullinan Therapeutics by 40.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock valued at $265,000 after purchasing an additional 4,393 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Cullinan Therapeutics by 18.3% in 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% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after purchasing an additional 4,380 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its position in Cullinan Therapeutics by 22.2% during the third quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock valued at $358,000 after buying an additional 3,881 shares during the period. 86.31% of the stock is owned by hedge funds and other institutional investors.

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.