Cullinan Therapeutics (NASDAQ:CGEM) Trading Down 7.3% – Should You Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares fell 7.3% during mid-day trading on Friday . The stock traded as low as $16.19 and last traded at $16.2360. 229,340 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 884,287 shares. The stock had previously closed at $17.52.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Wedbush reiterated an “outperform” rating and issued a $37.00 price target on shares of Cullinan Therapeutics in a research note on Thursday, June 11th. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a report on Monday, June 8th. Finally, BTIG Research raised their price objective on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.14.

Cullinan Therapeutics Trading Down 5.7%

The company’s 50-day moving average price is $16.33 and its two-hundred day moving average price is $14.55. The company has a market cap of $1.02 billion, a P/E ratio of -4.97 and a beta of -0.01.

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

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $17.82, for a total value of $142,560.00. Following the completion of the transaction, the insider directly owned 162,844 shares of the company’s stock, valued at approximately $2,901,880.08. The trade was a 4.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 8.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Affinity Asset Advisors LLC raised its holdings in shares of Cullinan Therapeutics by 632.4% during the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock valued at $19,997,000 after buying an additional 1,668,289 shares during the last quarter. Lynx1 Capital Management LP boosted its stake in Cullinan Therapeutics by 31.0% in the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after purchasing an additional 1,365,248 shares during the period. Boothbay Fund Management LLC purchased a new position in shares of Cullinan Therapeutics during the fourth quarter valued at $12,803,000. State Street Corp boosted its holdings in shares of Cullinan Therapeutics by 31.0% during the fourth quarter. State Street Corp now owns 2,197,338 shares of the company’s stock worth $22,742,000 after purchasing an additional 520,024 shares during the period. Finally, Caption Management LLC boosted its stake in shares of Cullinan Therapeutics by 107.0% during the 3rd quarter. Caption Management LLC now owns 28,389 shares of the company’s stock valued at $168,000 after buying an additional 435,062 shares during the period. 86.31% of the stock is owned by institutional investors and hedge funds.

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.