Cullinan Therapeutics (NASDAQ:CGEM) Sees Strong Trading Volume - What's Next?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) saw an uptick in trading volume on Thursday . 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.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CGEM. HC Wainwright increased their price objective on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. UBS Group initiated coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They issued a "buy" rating and a $30.00 price objective on the stock. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cullinan Therapeutics presently has a consensus rating of "Buy" and an average price target of $32.50.

Cullinan Therapeutics Trading Down 1.1 %

The firm has a market cap of $588.12 million, a PE ratio of -3.56 and a beta of -0.16. The business's 50-day simple moving average is $11.42 and its 200 day simple moving average is $14.82.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.09. Analysts expect that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 4,693 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $11.41, for a total value of $53,547.13. Following the sale, the insider now owns 99,760 shares in the company, valued at $1,138,261.60. This represents a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the company's stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the sale, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,582 shares of company stock valued at $246,977 in the last quarter. 6.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds have recently modified their holdings of the stock. Amalgamated Bank grew its stake in shares of Cullinan Therapeutics by 97.3% during the 3rd 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. increased 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 buying an additional 1,195 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Cullinan Therapeutics by 3.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company's stock worth $1,187,000 after acquiring an additional 2,377 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Cullinan Therapeutics by 32.9% during the 4th quarter. New York State Common Retirement Fund now owns 12,918 shares of the company's stock valued at $157,000 after acquiring an additional 3,200 shares during the period. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Cullinan Therapeutics by 22.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company's stock valued at $358,000 after purchasing an additional 3,881 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company's stock.

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.