Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report)'s stock 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 changing hands. The stock had previously closed at $9.53.
Analysts Set New Price Targets
Separately, HC Wainwright boosted their target price on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $32.50.
Read Our Latest Stock Analysis on CGEM
Cullinan Therapeutics Stock Performance
The business's 50-day moving average is $10.81 and its two-hundred day moving average is $14.22. The firm has a market capitalization of $525.82 million, a price-to-earnings ratio of -3.18 and a beta of -0.16.
Insider Buying and Selling
In related news, CEO Nadim Ahmed sold 8,400 shares of the firm's stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer Michaelson sold 4,000 shares of the firm's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $12.51, for a total value 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,582 shares of company stock valued at $246,977. 6.07% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Cullinan Therapeutics
Several hedge funds have recently added to or reduced their stakes in CGEM. Braidwell LP lifted its holdings in Cullinan Therapeutics by 567.6% during the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company's stock valued at $19,689,000 after purchasing an additional 1,000,000 shares during the last quarter. Boxer Capital Management LLC acquired a new stake in Cullinan Therapeutics during the 4th quarter valued at $11,058,000. Orbimed Advisors LLC lifted its holdings in Cullinan Therapeutics by 81.5% during the 4th quarter. Orbimed Advisors LLC now owns 1,942,555 shares of the company's stock valued at $23,660,000 after purchasing an additional 872,500 shares during the last quarter. Lynx1 Capital Management LP lifted its holdings in Cullinan Therapeutics by 206.2% during the 4th quarter. Lynx1 Capital Management LP now owns 1,257,795 shares of the company's stock valued at $15,320,000 after purchasing an additional 846,965 shares during the last quarter. Finally, Patient Square Capital LP acquired a new stake in Cullinan Therapeutics during the 3rd quarter valued at $13,806,000. Institutional investors and hedge funds own 86.31% of the company's stock.
Cullinan Therapeutics Company Profile
(
Get Free Report)
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.
Further Reading
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