Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Down to $18.88

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares gapped down prior to trading on Monday . The stock had previously closed at $18.88, but opened at $18.27. Cullinan Therapeutics shares last traded at $18.56, with a volume of 60,955 shares changing hands.

Analysts Set New Price Targets

Several research firms have recently weighed in on CGEM. HC Wainwright reaffirmed a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Stifel Nicolaus began coverage on shares of Cullinan Therapeutics in a research note on Wednesday, May 1st. They set a “buy” rating and a $40.00 price target for the company. Jonestrading boosted their price objective on shares of Cullinan Therapeutics from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. BTIG Research increased their target price on shares of Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Finally, Wedbush reiterated an “outperform” rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a research note on Thursday, May 16th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Buy” and an average target price of $32.00.

Cullinan Therapeutics Trading Down 11.6 %

The business has a 50 day moving average of $22.53 and a two-hundred day moving average of $17.00. The firm has a market cap of $968.76 million, a P/E ratio of -5.37 and a beta of -0.06.

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

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 58,000 shares of the company’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 transaction, the insider now owns 129,582 shares of the company’s stock, valued at $3,637,366.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.07% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Institutional investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. raised its stake in Cullinan Therapeutics by 31.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after purchasing an additional 615 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of Cullinan Therapeutics by 352.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock valued at $50,000 after buying an additional 3,859 shares during the period. Vontobel Holding Ltd. bought a new position in Cullinan Therapeutics during the 4th quarter worth $102,000. Annandale Capital LLC raised its holdings in Cullinan Therapeutics by 20.0% in the 3rd quarter. Annandale Capital LLC now owns 12,000 shares of the company’s stock valued at $109,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Bailard Inc. bought a new stake in shares of Cullinan Therapeutics during the 4th quarter valued at $110,000. Institutional investors own 86.31% of the company’s stock.

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.