Cullinan Oncology (NASDAQ:CGEM) Shares Down 6.6% After Analyst Downgrade

Cullinan Oncology, Inc. (NASDAQ:CGEM)’s share price was down 6.6% during trading on Thursday after HC Wainwright lowered their price target on the stock from $29.00 to $28.00. HC Wainwright currently has a buy rating on the stock. Cullinan Oncology traded as low as $24.94 and last traded at $24.95. Approximately 365,146 shares were traded during trading, a decline of 42% from the average daily volume of 626,177 shares. The stock had previously closed at $26.72.

CGEM has been the topic of several other research reports. Wedbush reiterated an “outperform” rating and issued a $36.00 target price on shares of Cullinan Oncology in a research note on Thursday. Jonestrading raised their price target on Cullinan Oncology from $22.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Stifel Nicolaus started coverage on Cullinan Oncology in a report on Wednesday, May 1st. They set a “buy” rating and a $40.00 target price for the company. William Blair started coverage on Cullinan Oncology in a report on Monday, April 15th. They set an “outperform” rating for the company. Finally, BTIG Research lifted their target price on Cullinan Oncology from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $32.00.

Insider Buying and Selling at Cullinan Oncology

In other Cullinan Oncology news, insider Jennifer Michaelson sold 58,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $28.07, for a total value of $1,628,060.00. Following the completion of the transaction, the insider now directly owns 129,582 shares of the company’s stock, valued at $3,637,366.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Cullinan Oncology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in shares of Cullinan Oncology by 3.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,842 shares of the company’s stock valued at $390,000 after buying an additional 820 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Cullinan Oncology by 31.0% in the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock valued at $44,000 after buying an additional 615 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Cullinan Oncology by 22.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock valued at $294,000 after buying an additional 3,134 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Cullinan Oncology by 81.6% in the first quarter. China Universal Asset Management Co. Ltd. now owns 8,996 shares of the company’s stock valued at $153,000 after buying an additional 4,042 shares in the last quarter. Finally, Parkman Healthcare Partners LLC increased its position in shares of Cullinan Oncology by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock valued at $5,399,000 after buying an additional 91,132 shares in the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Cullinan Oncology Stock Down 8.3 %

The firm has a market capitalization of $1.05 billion, a PE ratio of -6.78 and a beta of -0.01. The stock has a 50-day moving average price of $19.78 and a 200 day moving average price of $14.76.

Cullinan Oncology (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.54) EPS for the quarter, topping the consensus estimate of ($0.96) by $0.42. As a group, equities analysts predict that Cullinan Oncology, Inc. will post -3.23 earnings per share for the current fiscal year.

Cullinan Oncology Company Profile

Cullinan Oncology, 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.