Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) shares dropped 7.3% during mid-day trading on Tuesday . The company traded as low as $10.22 and last traded at $10.23. Approximately 176,787 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 493,669 shares. The stock had previously closed at $11.04.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on CGEM shares. UBS Group started coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They set a "buy" rating and a $30.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Finally, Wedbush restated an "outperform" rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $31.67.
Read Our Latest Analysis on CGEM
Cullinan Therapeutics Price Performance
The firm's 50-day moving average price is $12.77 and its 200 day moving average price is $15.72. The firm has a market capitalization of $582.86 million, a price-to-earnings ratio of -3.52 and a beta of -0.14.
Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, beating analysts' consensus estimates of ($0.78) by $0.09. On average, analysts predict that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, insider Jennifer Michaelson sold 8,000 shares of the company's stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total transaction of $125,120.00. Following the transaction, the insider now owns 107,942 shares of the company's stock, valued at approximately $1,688,212.88. This represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer now owns 263,150 shares in the company, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,582 shares of company stock worth $372,097. 6.07% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the business. Amalgamated Bank grew its holdings in Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company's stock valued at $30,000 after purchasing an additional 872 shares during the period. Arizona State Retirement System acquired a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at $182,000. Squarepoint Ops LLC purchased a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at $186,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Cullinan Therapeutics by 64.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company's stock worth $187,000 after buying an additional 4,380 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Cullinan Therapeutics by 40.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company's stock worth $265,000 after buying an additional 4,393 shares during the period. Hedge funds and other institutional investors own 86.31% of the company's stock.
About Cullinan Therapeutics
(
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.
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