Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 6.7% – What’s Next?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) were down 6.7% during trading on Friday. The stock traded as low as $13.88 and last traded at $13.92. 65,627 shares traded hands during trading, a decline of 93% from the average session volume of 899,566 shares. The stock had previously closed at $14.92.

Analysts Set New Price Targets

CGEM has been the subject of a number of research analyst reports. TD Cowen upgraded Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. BTIG Research reiterated a “buy” rating and issued a $40.00 target price on shares of Cullinan Therapeutics in a report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. HC Wainwright reiterated a “buy” rating and issued a $35.00 price target on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. Finally, Wedbush raised their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $33.71.

Cullinan Therapeutics Price Performance

The firm has a market cap of $915.84 million, a price-to-earnings ratio of -4.60 and a beta of -0.05. The company has a fifty day moving average price of $18.67 and a two-hundred day moving average price of $16.86.

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

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 158,844 shares in the company, valued at $3,426,265.08. This represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 8.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Elmind Capital LP acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $12,564,900. BlackRock Inc. bought a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at $95,289,000. Engineers Gate Manager LP grew its holdings in Cullinan Therapeutics by 130.9% during the 2nd quarter. Engineers Gate Manager LP now owns 153,050 shares of the company’s stock worth $2,787,000 after acquiring an additional 86,762 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Cullinan Therapeutics during the 2nd quarter worth about $3,114,000. Finally, Blue Owl Capital Holdings LP bought a new position in shares of Cullinan Therapeutics in the 2nd quarter worth $28,039,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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.