Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 2.9% - Should You Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) fell 2.9% on Thursday . The stock traded as low as $11.88 and last traded at $11.92. 28,103 shares were traded during mid-day trading, a decline of 96% from the average session volume of 640,126 shares. The stock had previously closed at $12.27.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CGEM shares. Wedbush restated an "outperform" rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. UBS Group initiated coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They set a "buy" rating and a $30.00 target price for the company. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $31.67.

Cullinan Therapeutics Trading Up 5.1 %

The business has a 50 day simple moving average of $14.01 and a two-hundred day simple moving average of $16.42. The company has a market cap of $751.14 million, a PE ratio of -4.54 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its quarterly earnings results 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. On average, equities research analysts expect that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 3,489 shares of the company's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $12.52, for a total value of $43,682.28. Following the completion of the sale, the insider now owns 104,453 shares of the company's stock, valued at $1,307,751.56. This represents a 3.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 16,182 shares of company stock worth $222,349 in the last three months. 6.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

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