Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 12-Month Low - Here's Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report)'s share price hit a new 52-week low during trading on Wednesday . The company 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.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. UBS Group assumed coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They issued a "buy" rating and a $30.00 price target for the company. HC Wainwright increased their price target on Cullinan Therapeutics from $28.00 to $33.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cullinan Therapeutics has an average rating of "Buy" and an average target price of $32.50.

Cullinan Therapeutics Price Performance

The firm has a 50-day moving average of $11.11 and a two-hundred day moving average of $14.51.

Insider Buying and Selling

In other news, CEO Nadim Ahmed sold 8,400 shares of the firm's 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 completion of the transaction, the chief executive officer now directly owns 263,150 shares in the company, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jennifer Michaelson sold 4,693 shares of the firm's stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total value of $53,547.13. Following the transaction, the insider now owns 99,760 shares of the company's stock, valued at approximately $1,138,261.60. This represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,582 shares of company stock worth $246,977. Company insiders own 6.07% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank boosted its position 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 buying an additional 872 shares during the period. China Universal Asset Management Co. Ltd. boosted its holdings in Cullinan Therapeutics by 10.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company's stock valued at $150,000 after purchasing an additional 1,195 shares during the period. Invesco Ltd. boosted its holdings in Cullinan Therapeutics by 2.4% in the fourth quarter. Invesco Ltd. now owns 59,553 shares of the company's stock valued at $725,000 after purchasing an additional 1,395 shares during the period. Federated Hermes Inc. boosted its holdings in Cullinan Therapeutics by 67.0% in the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock valued at $46,000 after purchasing an additional 1,525 shares during the period. Finally, Virtus ETF Advisers LLC boosted its holdings in Cullinan Therapeutics by 37.8% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock valued at $71,000 after purchasing an additional 1,600 shares during the period. 86.31% of the stock is currently 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.