Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 9.2%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares traded down 9.2% on Monday . The stock traded as low as $16.42 and last traded at $16.48. 163,799 shares were traded during mid-day trading, a decline of 76% from the average session volume of 689,948 shares. The stock had previously closed at $18.15.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. William Blair reaffirmed an “outperform” rating on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. HC Wainwright reiterated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Monday, September 16th. Finally, Wedbush reissued an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $32.00.

Cullinan Therapeutics Trading Down 8.0 %

The stock has a market capitalization of $962.49 million, a PE ratio of -5.49 and a beta of -0.12. The business has a fifty day moving average price of $18.12 and a 200-day moving average price of $19.25.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($0.02). On average, equities analysts anticipate that Cullinan Therapeutics, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $18.09, for a total transaction of $144,720.00. Following the transaction, the insider now directly owns 115,942 shares in the company, valued at $2,097,390.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

Institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. lifted its holdings in shares of Cullinan Therapeutics by 13.5% during the 4th quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock valued at $33,436,000 after purchasing an additional 390,505 shares during the last quarter. Deerfield Management Company L.P. Series C grew its holdings in Cullinan Therapeutics by 188.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock valued at $57,207,000 after purchasing an additional 2,141,706 shares during the period. Marshall Wace LLP raised its position in Cullinan Therapeutics by 2,416.9% during the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after acquiring an additional 1,136,993 shares during the period. Perceptive Advisors LLC purchased a new position in Cullinan Therapeutics in the 2nd quarter valued at about $13,079,000. Finally, Parkman Healthcare Partners LLC raised its stake in Cullinan Therapeutics by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock valued at $5,399,000 after purchasing an additional 91,132 shares during the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

About Cullinan Therapeutics

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.