Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 4% (2024)

Posted by MarketBeat News on Jun 28th, 2024

Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 4% (1)Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEMGet Free Report) fell 4% during mid-day trading on Wednesday . The company traded as low as $15.76 and last traded at $15.77. 48,316 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 679,383 shares. The stock had previously closed at $16.42.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wedbush reissued an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a report on Thursday, May 16th. Jonestrading lifted their target price on Cullinan Therapeutics from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. BTIG Research upped their price target on Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. William Blair reiterated an “outperform” rating on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Finally, HC Wainwright restated a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cullinan Therapeutics presently has an average rating of “Buy” and a consensus target price of $32.00.

Get Our Latest Research Report on CGEM

Cullinan Therapeutics Trading Up 3.6 %

The business has a 50-day moving average price of $22.49 and a 200 day moving average price of $17.36. The stock has a market capitalization of $984.90 million, a P/E ratio of -5.46 and a beta of -0.06.

Cullinan Therapeutics (NASDAQ:CGEMGet Free Report) last issued its quarterly earnings data on Wednesday, May 15th. The company reported ($0.86) earnings per share for the quarter, topping the consensus estimate of ($0.90) by $0.04. On average, sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.02 earnings per share for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 58,000 shares of Cullinan Therapeutics stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $28.07, for a total transaction of $1,628,060.00. Following the completion of the sale, the insider now owns 129,582 shares in the company, valued at approximately $3,637,366.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Trexquant Investment LP bought a new position in shares of Cullinan Therapeutics during the 4th quarter worth $356,000. Parkman Healthcare Partners LLC raised its holdings in shares of Cullinan Therapeutics 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 acquiring an additional 91,132 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Cullinan Therapeutics by 186.1% in the third quarter. Citigroup Inc. now owns 23,534 shares of the company’s stock valued at $213,000 after acquiring an additional 15,308 shares in the last quarter. Schonfeld Strategic Advisors LLC raised its holdings in shares of Cullinan Therapeutics by 15.9% in the third quarter. Schonfeld Strategic Advisors LLC now owns 121,800 shares of the company’s stock valued at $1,102,000 after acquiring an additional 16,700 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Cullinan Therapeutics in the fourth quarter valued at about $179,000. 86.31% of the stock is owned by institutional investors.

About Cullinan Therapeutics

(Get Free Report)

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.

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