Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 2.1% – Time to Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was down 2.1% on Friday . The stock traded as low as $8.73 and last traded at $8.73. Approximately 22,126 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 457,450 shares. The stock had previously closed at $8.92.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CGEM shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 target price (down previously from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. HC Wainwright restated a “buy” rating and set a $33.00 price objective on shares of Cullinan Therapeutics in a research note on Friday, February 28th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $32.86.

Cullinan Therapeutics Stock Down 1.5 %

The business’s 50 day moving average is $9.78 and its two-hundred day moving average is $13.29. The firm has a market capitalization of $514.33 million, a P/E ratio of -3.10 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.02. As a group, equities analysts anticipate that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,693 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total transaction of $53,547.13. Following the completion of the sale, the insider now owns 99,760 shares of the company’s stock, valued at $1,138,261.60. This represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nadim Ahmed sold 12,529 shares of Cullinan Therapeutics stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total transaction of $106,872.37. Following the completion of the transaction, the chief executive officer now owns 430,621 shares in the company, valued at $3,673,197.13. This trade represents a 2.83 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,517 shares of company stock worth $351,922. Company insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Amalgamated Bank increased its holdings in shares of Cullinan Therapeutics by 97.3% during the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after purchasing an additional 872 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in Cullinan Therapeutics by 10.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock valued at $150,000 after buying an additional 1,195 shares in the last quarter. Invesco Ltd. boosted its position in Cullinan Therapeutics by 2.4% in the fourth quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock valued at $725,000 after buying an additional 1,395 shares in the last quarter. Federated Hermes Inc. raised its stake in shares of Cullinan Therapeutics by 67.0% in the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock worth $46,000 after acquiring an additional 1,525 shares during the last quarter. Finally, Virtus ETF Advisers LLC raised its stake in shares of Cullinan Therapeutics by 37.8% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock worth $71,000 after acquiring an additional 1,600 shares during the last quarter. 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.