Cullinan Therapeutics (NASDAQ:CGEM) Stock Falls 14.7% – Here’s What Happened

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price was down 14.7% during mid-day trading on Wednesday. The stock traded as low as $13.73 and last traded at $13.4410. Approximately 338,531 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 887,337 shares. The stock had previously closed at $15.75.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CGEM shares. BTIG Research raised their target price on Cullinan Therapeutics from $40.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, October 28th. Wall Street Zen cut shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, October 24th. TD Cowen raised shares of Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Finally, HC Wainwright restated a “buy” rating and set a $35.00 price objective on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $33.86.

Cullinan Therapeutics Price Performance

The stock has a market capitalization of $727.86 million, a price-to-earnings ratio of -3.65 and a beta of -0.03. The business has a fifty day moving average of $17.20 and a 200 day moving average of $15.83.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, equities research analysts expect that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the sale, the insider directly owned 162,844 shares of the company’s stock, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Fisher Asset Management LLC boosted its stake in shares of Cullinan Therapeutics by 2,125.0% in the third quarter. Fisher Asset Management LLC now owns 800,961 shares of the company’s stock valued at $12,295,000 after purchasing an additional 764,963 shares during the period. Russell Investments Group Ltd. increased its stake in Cullinan Therapeutics by 9.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 31,320 shares of the company’s stock worth $481,000 after buying an additional 2,736 shares during the period. AlphaCentric Advisors LLC increased its stake in Cullinan Therapeutics by 4.2% during the 3rd quarter. AlphaCentric Advisors LLC now owns 21,278 shares of the company’s stock worth $327,000 after buying an additional 852 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Cullinan Therapeutics during the 3rd quarter worth approximately $50,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Cullinan Therapeutics by 20.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,742 shares of the company’s stock worth $179,000 after buying an additional 1,961 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.