Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 7.1% – Here’s Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s share price fell 7.1% during mid-day trading on Wednesday. The stock traded as low as $20.43 and last traded at $20.13. Approximately 213,438 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 872,454 shares. The stock had previously closed at $21.67.

Wall Street Analyst Weigh In

CGEM has been the topic of a number of research reports. BTIG Research boosted their target price on shares of Cullinan Therapeutics from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, September 14th. TD Cowen upgraded shares of Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a report on Monday, August 17th. Finally, Wedbush raised their target price on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

Cullinan Therapeutics Trading Down 8.5%

The stock has a market capitalization of $993.72 million, a P/E ratio of -4.98 and a beta of 0.02. The company has a 50-day moving average price of $19.83 and a two-hundred day moving average price of $16.71.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). Research analysts forecast that Cullinan Therapeutics, Inc. will post -3.08 earnings per share for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total value of $172,560.00. Following the completion of the sale, the insider directly owned 158,844 shares of the company’s stock, valued at approximately $3,426,265.08. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 46,000 shares of company stock valued at $922,920 in the last ninety days. Company insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Cullinan Therapeutics during the second quarter valued at $95,289,000. Blue Owl Capital Holdings LP purchased a new position in shares of Cullinan Therapeutics during the second quarter worth about $28,039,000. Boothbay Fund Management LLC bought a new position in shares of Cullinan Therapeutics in the fourth quarter worth approximately $12,803,000. Boone Capital Management LLC bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth $12,828,000. Finally, Elmind Capital LP bought a new stake in Cullinan Therapeutics during the second quarter worth about $12,564,900. 86.31% of the stock is owned by institutional investors.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for cancer and other serious diseases. The company’s approach combines internally developed drug candidates with licensed or acquired programs and partnerships intended to address areas of significant unmet medical need.

Its pipeline has included zipalertinib, an oral tyrosine kinase inhibitor being developed for patients with non-small cell lung cancer whose tumors have EGFR exon 20 insertion mutations.