Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 9.2%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares dropped 9.2% during mid-day trading on Monday . The stock traded as low as $16.42 and last traded at $16.48. Approximately 163,799 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 689,948 shares. The stock had previously closed at $18.15.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CGEM shares. HC Wainwright reissued a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a research report on Monday, September 16th. William Blair reiterated an “outperform” rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. Finally, Wedbush reiterated an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Trading Down 8.0 %

The company has a market cap of $962.49 million, a PE ratio of -5.49 and a beta of -0.12. The business’s 50-day simple moving average is $18.12 and its 200-day simple moving average is $19.25.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). On average, research analysts predict that Cullinan Therapeutics, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Friday, July 5th. The stock was sold at an average price of $16.33, for a total value of $130,640.00. Following the completion of the transaction, the insider now owns 123,942 shares in the company, valued at approximately $2,023,972.86. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 6.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Perceptive Advisors LLC bought a new stake in Cullinan Therapeutics during the 2nd quarter worth approximately $13,079,000. Lynx1 Capital Management LP bought a new stake in shares of Cullinan Therapeutics in the second quarter worth $6,581,000. The Manufacturers Life Insurance Company lifted its position in Cullinan Therapeutics by 40.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock worth $265,000 after buying an additional 4,393 shares in the last quarter. Deerfield Management Company L.P. Series C boosted its stake in shares of Cullinan Therapeutics by 188.1% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after buying an additional 2,141,706 shares during the last quarter. Finally, Affinity Asset Advisors LLC grew its holdings in shares of Cullinan Therapeutics by 2.0% in the 2nd quarter. Affinity Asset Advisors LLC now owns 263,817 shares of the company’s stock valued at $4,601,000 after acquiring an additional 5,229 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors.

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.