Nadim Ahmed Sells 8,400 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the transaction, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Cullinan Therapeutics Price Performance

NASDAQ CGEM opened at $12.02 on Friday. The company has a fifty day moving average price of $13.83 and a 200-day moving average price of $16.28. The firm has a market cap of $699.90 million, a price-to-earnings ratio of -4.23 and a beta of -0.18. Cullinan Therapeutics, Inc. has a 1 year low of $9.91 and a 1 year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.09. On average, research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Institutional Trading of Cullinan Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. Deerfield Management Company L.P. Series C grew its position 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 valued at $57,207,000 after acquiring an additional 2,141,706 shares during the period. State Street Corp lifted its stake in Cullinan Therapeutics by 20.4% in the third quarter. State Street Corp now owns 2,337,222 shares of the company’s stock valued at $39,125,000 after purchasing an additional 396,034 shares during the last quarter. RTW Investments LP grew its holdings in Cullinan Therapeutics by 62.1% during the third quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock valued at $28,558,000 after purchasing an additional 653,330 shares during the period. Holocene Advisors LP increased its position in Cullinan Therapeutics by 16.5% in the third quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock worth $25,672,000 after buying an additional 217,574 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Cullinan Therapeutics by 23.8% in the third quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after buying an additional 231,935 shares during the period. Institutional investors own 86.31% of the company’s stock.

Wall Street Analyst Weigh In

CGEM has been the subject of a number of recent analyst reports. UBS Group started coverage on shares of Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 target price for the company. Wedbush reissued an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Finally, HC Wainwright restated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Buy” and an average price target of $31.67.

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.