Cullinan Therapeutics (NASDAQ:CGEM) Sets New 1-Year Low – Time to Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) reached a new 52-week low during trading on Wednesday . The stock traded as low as $9.50 and last traded at $10.01, with a volume of 873022 shares trading hands. The stock had previously closed at $11.04.

Analyst Ratings Changes

CGEM has been the subject of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. UBS Group started coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $31.67.

Cullinan Therapeutics Trading Down 0.4 %

The firm’s 50 day moving average price is $12.65 and its two-hundred day moving average price is $15.68. The company has a market capitalization of $590.45 million, a price-to-earnings ratio of -3.57 and a beta of -0.14.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. As a group, equities research analysts predict that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total transaction of $125,120.00. Following the completion of the sale, the insider now owns 107,942 shares of the company’s stock, valued at approximately $1,688,212.88. The trade was a 6.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the transaction, the chief executive officer now owns 263,150 shares in the company, valued at approximately $3,123,590.50. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,582 shares of company stock valued at $372,097. 6.07% of the stock is owned by insiders.

Institutional Trading of Cullinan Therapeutics

Several hedge funds have recently added to or reduced their stakes in CGEM. Amalgamated Bank grew its holdings in Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after buying an additional 872 shares in the last quarter. Arizona State Retirement System bought a new stake in shares of Cullinan Therapeutics in the second quarter valued at about $182,000. Squarepoint Ops LLC acquired a new position in shares of Cullinan Therapeutics in the second quarter valued at about $186,000. China Universal Asset Management Co. Ltd. increased its position in Cullinan Therapeutics by 64.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after acquiring an additional 4,380 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in Cullinan Therapeutics by 40.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock worth $265,000 after purchasing an additional 4,393 shares in the last quarter. 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.