Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 4% - Here's Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report)'s stock price dropped 4% during mid-day trading on Wednesday . The stock traded as low as $11.03 and last traded at $11.03. Approximately 54,156 shares changed hands during trading, a decline of 92% from the average daily volume of 640,568 shares. The stock had previously closed at $11.49.

Analysts Set New Price Targets

Several brokerages have weighed in on CGEM. HC Wainwright restated a "buy" rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. 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. Finally, UBS Group began coverage on shares of Cullinan Therapeutics in a research report on Thursday, October 24th. They issued a "buy" rating and a $30.00 price objective for the company. Seven research 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 price target of $31.67.

Cullinan Therapeutics Stock Down 6.3 %

The company's 50-day moving average is $14.57 and its two-hundred day moving average is $16.84. The company has a market cap of $627.12 million, a P/E ratio of -3.79 and a beta of -0.18.

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

Insider Activity

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the sale, the insider now owns 107,942 shares in the company, valued at $1,688,212.88. This represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 6.07% of the company's stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amalgamated Bank boosted its holdings in Cullinan Therapeutics by 97.3% in the 3rd 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. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cullinan Therapeutics by 73.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company's stock worth $155,000 after purchasing an additional 3,758 shares during the last quarter. Arizona State Retirement System purchased a new position in shares of Cullinan Therapeutics in the second quarter valued at about $182,000. Squarepoint Ops LLC bought a new position in Cullinan Therapeutics during the 2nd quarter valued at approximately $186,000. Finally, China Universal Asset Management Co. Ltd. raised its holdings in shares of Cullinan Therapeutics by 64.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company's stock valued at $187,000 after acquiring an additional 4,380 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors.

About Cullinan Therapeutics

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.