Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 8.5% – Should You Sell?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM)’s stock price was down 8.5% on Tuesday . The company traded as low as $13.70 and last traded at $13.6090. Approximately 134,894 shares were traded during trading, a decline of 83% from the average daily volume of 805,472 shares. The stock had previously closed at $14.87.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CGEM shares. Zacks Research downgraded shares of Cullinan Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 19th. Wedbush increased their price target on shares of Cullinan Therapeutics from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. BTIG Research reaffirmed a “buy” rating and set a $38.00 price target on shares of Cullinan Therapeutics in a research note on Tuesday. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Citigroup initiated coverage on shares of Cullinan Therapeutics in a research report on Tuesday, February 17th. They issued a “buy” rating and a $33.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $30.75.

Cullinan Therapeutics Stock Performance

The stock’s fifty day moving average is $14.27 and its two-hundred day moving average is $12.20. The firm has a market capitalization of $851.59 million, a price-to-earnings ratio of -4.13 and a beta of -0.09.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.09. Sell-side analysts anticipate that Cullinan Therapeutics, Inc. will post -3.07 earnings per share for the current year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 11,742 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $14.08, for a total transaction of $165,327.36. Following the completion of the transaction, the insider directly owned 181,977 shares of the company’s stock, valued at $2,562,236.16. This trade represents a 6.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nadim Ahmed sold 16,381 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $13.62, for a total transaction of $223,109.22. Following the transaction, the chief executive officer directly owned 404,318 shares of the company’s stock, valued at approximately $5,506,811.16. This represents a 3.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 86,076 shares of company stock worth $1,225,314 over the last 90 days. Company insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CGEM. Blue Owl Capital Holdings LP lifted its position in Cullinan Therapeutics by 5.2% in the 3rd quarter. Blue Owl Capital Holdings LP now owns 2,510,972 shares of the company’s stock valued at $14,890,000 after purchasing an additional 125,000 shares during the last quarter. AXQ Capital LP bought a new stake in Cullinan Therapeutics in the 3rd quarter valued at about $194,000. Tema Etfs LLC bought a new stake in Cullinan Therapeutics in the 4th quarter valued at about $383,000. The Manufacturers Life Insurance Company lifted its position in Cullinan Therapeutics by 347.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 75,310 shares of the company’s stock valued at $1,070,000 after purchasing an additional 58,488 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Cullinan Therapeutics by 6.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 906,028 shares of the company’s stock valued at $12,870,000 after purchasing an additional 57,259 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors.

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.