Cullinan Therapeutics (NASDAQ:CGEM) Reaches New 1-Year Low – Here’s Why

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $9.44 and last traded at $9.44, with a volume of 79301 shares. The stock had previously closed at $9.53.

Analyst Ratings Changes

CGEM has been the subject of several research reports. UBS Group initiated coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price objective for the company. HC Wainwright lifted their price objective on Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cullinan Therapeutics has an average rating of “Buy” and a consensus target price of $32.50.

Cullinan Therapeutics Stock Down 3.0 %

The firm has a market cap of $532.80 million, a price-to-earnings ratio of -3.22 and a beta of -0.16. The business has a 50 day moving average price of $10.86 and a 200-day moving average price of $14.28.

Insider Activity

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $12.51, for a total transaction of $50,040.00. Following the transaction, the insider now owns 95,760 shares of the company’s stock, valued at $1,197,957.60. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now directly owns 263,150 shares in the company, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,582 shares of company stock worth $246,977. 6.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Deerfield Management Company L.P. Series C lifted its holdings in Cullinan Therapeutics by 3.0% during the 4th quarter. Deerfield Management Company L.P. Series C now owns 3,379,399 shares of the company’s stock worth $41,161,000 after buying an additional 99,399 shares during the last quarter. Blue Owl Capital Holdings LP lifted its holdings in shares of Cullinan Therapeutics by 17.9% in the 4th quarter. Blue Owl Capital Holdings LP now owns 2,370,972 shares of the company’s stock worth $28,878,000 after purchasing an additional 360,000 shares during the last quarter. State Street Corp lifted its holdings in shares of Cullinan Therapeutics by 20.4% in the 3rd quarter. State Street Corp now owns 2,337,222 shares of the company’s stock worth $39,125,000 after purchasing an additional 396,034 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Cullinan Therapeutics by 0.4% in the 4th quarter. Franklin Resources Inc. now owns 2,199,709 shares of the company’s stock worth $26,792,000 after purchasing an additional 8,447 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Cullinan Therapeutics by 8.5% in the 4th quarter. Alliancebernstein L.P. now owns 2,011,525 shares of the company’s stock worth $24,500,000 after purchasing an additional 157,115 shares during the last quarter. Institutional investors 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.