Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 6.3% - Time to Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) shares fell 6.3% during trading on Friday . The stock traded as low as $14.33 and last traded at $14.33. 98,219 shares were traded during mid-day trading, a decline of 85% from the average session volume of 652,221 shares. The stock had previously closed at $15.30.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CGEM. HC Wainwright restated a "buy" rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Wedbush restated an "outperform" rating and set a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Finally, UBS Group began 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. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Therapeutics currently has an average rating of "Buy" and a consensus price target of $31.67.

Cullinan Therapeutics Stock Down 7.7 %

The firm has a fifty day moving average of $16.62 and a 200-day moving average of $19.00. The firm has a market cap of $822.18 million, a P/E ratio of -4.96 and a beta of -0.12.

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

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 8,000 shares of the business's stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the completion of the transaction, the insider now directly owns 107,942 shares in the company, valued at approximately $1,688,212.88. The trade was a 6.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 6.07% of the company's stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds have recently modified their holdings of the company. Amalgamated Bank raised its holdings in Cullinan Therapeutics by 97.3% in the third 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. Ameritas Investment Partners Inc. lifted its holdings in Cullinan Therapeutics by 31.0% during the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company's stock worth $44,000 after acquiring an additional 615 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cullinan Therapeutics by 73.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company's stock valued at $155,000 after acquiring an additional 3,758 shares during the period. Arizona State Retirement System bought a new stake in shares of Cullinan Therapeutics in the second quarter worth about $182,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Cullinan Therapeutics during the second quarter worth about $186,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.

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