Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 12-Month Low – What’s Next?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares hit a new 52-week low on Wednesday . The stock traded as low as $9.50 and last traded at $9.73, with a volume of 13028 shares changing hands. The stock had previously closed at $9.81.

Analysts Set New Price Targets

Several research firms have recently weighed in on CGEM. HC Wainwright raised their price objective on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. UBS Group initiated coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $32.50.

Cullinan Therapeutics Stock Down 1.8 %

The company has a market cap of $560.87 million, a PE ratio of -3.39 and a beta of -0.16. The business has a 50-day simple moving average of $11.30 and a 200-day simple moving average of $14.68.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, 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 sale, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer Michaelson sold 4,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $12.51, for a total transaction of $50,040.00. Following the sale, the insider now directly owns 95,760 shares of the company’s stock, valued at $1,197,957.60. This represents a 4.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, 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

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp grew its stake in Cullinan Therapeutics by 20.4% during the 3rd quarter. State Street Corp now owns 2,337,222 shares of the company’s stock worth $39,125,000 after buying an additional 396,034 shares during the last quarter. RTW Investments LP increased its stake in shares of Cullinan Therapeutics by 62.1% during the third quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock valued at $28,558,000 after acquiring an additional 653,330 shares during the period. Holocene Advisors LP increased its position in shares of Cullinan Therapeutics by 16.5% during the 3rd quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock valued at $25,672,000 after purchasing an additional 217,574 shares during the period. Geode Capital Management LLC raised its position in Cullinan Therapeutics by 23.8% in the third quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock worth $20,233,000 after acquiring an additional 231,935 shares in the last quarter. Finally, Braidwell LP raised its holdings in shares of Cullinan Therapeutics by 567.6% in the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after purchasing an additional 1,000,000 shares in the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

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.