Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 5.4% - What's Next?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) dropped 5.4% on Monday . The company traded as low as $12.00 and last traded at $12.00. Approximately 124,039 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 276,493 shares. The stock had previously closed at $12.68.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wedbush reissued an "outperform" rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. UBS Group started coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They set a "buy" rating and a $30.00 target price for the company. Finally, HC Wainwright restated a "buy" rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $31.67.

Cullinan Therapeutics Price Performance

The stock has a market capitalization of $685.93 million, a price-to-earnings ratio of -4.15 and a beta of -0.14. The company has a 50-day simple moving average of $13.38 and a two-hundred day simple moving average of $15.97.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping analysts' consensus estimates of ($0.78) by $0.09. Research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 3,489 shares of the firm's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $12.52, for a total transaction of $43,682.28. Following the transaction, the insider now owns 104,453 shares in the company, valued at $1,307,751.56. This trade represents a 3.23 % 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 that occurred on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the sale, the chief executive officer now owns 263,150 shares of the company's stock, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,582 shares of company stock worth $322,057. Company insiders own 6.07% of the company's stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Several hedge funds have recently modified their holdings of CGEM. JPMorgan Chase & Co. grew its holdings in Cullinan Therapeutics by 25.1% during the third quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company's stock worth $487,000 after acquiring an additional 5,842 shares during the period. Geode Capital Management LLC boosted its position in shares of Cullinan Therapeutics by 23.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company's stock valued at $20,233,000 after purchasing an additional 231,935 shares in the last quarter. Barclays PLC grew its stake in shares of Cullinan Therapeutics by 26.0% in the 3rd quarter. Barclays PLC now owns 248,614 shares of the company's stock worth $4,161,000 after purchasing an additional 51,300 shares during the last quarter. Y Intercept Hong Kong Ltd raised its holdings in shares of Cullinan Therapeutics by 40.7% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 25,369 shares of the company's stock worth $425,000 after purchasing an additional 7,343 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Cullinan Therapeutics by 47.1% during the third quarter. Wellington Management Group LLP now owns 106,025 shares of the company's stock valued at $1,775,000 after purchasing an additional 33,927 shares during the last quarter. 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.