Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 4.9% – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) dropped 4.9% during mid-day trading on Monday . The stock traded as low as $12.40 and last traded at $12.8510. Approximately 716,539 shares were traded during trading, a decline of 14% from the average daily volume of 835,754 shares. The stock had previously closed at $13.51.

Analyst Upgrades and Downgrades

CGEM has been the topic of several research reports. Citigroup initiated coverage on shares of Cullinan Therapeutics in a research report on Tuesday, February 17th. They set a “buy” rating and a $33.00 price target on the stock. Wedbush upped their target price on shares of Cullinan Therapeutics from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, April 10th. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Cullinan Therapeutics in a research report on Monday. Finally, Wall Street Zen downgraded shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Cullinan Therapeutics Trading Down 1.9%

The business has a 50 day moving average of $14.53 and a 200-day moving average of $12.89. The firm has a market capitalization of $814.32 million, a P/E ratio of -3.94 and a beta of -0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09. On average, analysts anticipate that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total transaction of $116,960.00. Following the completion of the transaction, the insider owned 166,844 shares of the company’s stock, valued at $2,439,259.28. This represents a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 8.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of large investors have recently bought and sold shares of CGEM. Bank of America Corp DE boosted its holdings in shares of Cullinan Therapeutics by 49.2% in the 1st quarter. Bank of America Corp DE now owns 516,724 shares of the company’s stock valued at $7,343,000 after buying an additional 170,417 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of Cullinan Therapeutics by 160.6% in the 1st quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock valued at $58,000 after buying an additional 2,492 shares during the last quarter. Elmind Capital LP boosted its holdings in shares of Cullinan Therapeutics by 71.0% in the 1st quarter. Elmind Capital LP now owns 530,000 shares of the company’s stock valued at $7,531,000 after buying an additional 220,000 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Cullinan Therapeutics by 347.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 75,310 shares of the company’s stock valued at $1,070,000 after buying an additional 58,488 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in shares of Cullinan Therapeutics by 50.6% in the 1st quarter. Quantinno Capital Management LP now owns 72,282 shares of the company’s stock valued at $1,027,000 after buying an additional 24,281 shares during the last quarter. 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.