Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 2.1% - What's Next?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) fell 2.1% during mid-day trading on Friday . The stock traded as low as $8.73 and last traded at $8.73. 22,126 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 457,450 shares. The stock had previously closed at $8.92.

Analyst Ratings Changes

Several brokerages have recently issued reports on CGEM. HC Wainwright reissued a "buy" rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a report on Friday, February 28th. Morgan Stanley reaffirmed an "overweight" rating and issued a $35.00 target price (down from $38.00) on shares of Cullinan Therapeutics in a research note on Friday, March 7th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $32.86.

Cullinan Therapeutics Stock Performance

The stock's fifty day moving average price is $9.67 and its 200-day moving average price is $13.11. The company has a market capitalization of $522.52 million, a P/E ratio of -3.14 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.75) by $0.02. On average, research analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

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Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now directly owns 263,150 shares of the company's stock, valued at $3,123,590.50. This represents a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey Alan Jones sold 4,895 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $41,754.35. Following the completion of the transaction, the insider now directly owns 174,164 shares in the company, valued at approximately $1,485,618.92. This represents a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,517 shares of company stock valued at $351,922 in the last three months. 6.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Amalgamated Bank grew its position 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 in the last quarter. Federated Hermes Inc. grew its position in shares of Cullinan Therapeutics by 67.0% during the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock worth $46,000 after purchasing an additional 1,525 shares in the last quarter. Virtus ETF Advisers LLC grew its position in shares of Cullinan Therapeutics by 37.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock worth $71,000 after purchasing an additional 1,600 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Cullinan Therapeutics during the 4th quarter worth approximately $77,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Cullinan Therapeutics during the 4th quarter worth approximately $83,000. Institutional investors and hedge funds 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.