Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 4.7% - Here's Why

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) shares fell 4.7% during trading on Thursday . The stock traded as low as $8.48 and last traded at $8.64. 52,264 shares changed hands during trading, a decline of 91% from the average session volume of 570,932 shares. The stock had previously closed at $9.07.

Analysts Set New Price Targets

Several brokerages have commented on CGEM. UBS Group cut their target price on Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Morgan Stanley reaffirmed an "overweight" rating and set a $35.00 target price (down from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Finally, HC Wainwright reissued a "buy" rating and issued a $33.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, April 16th.

Cullinan Therapeutics Stock Performance

The company has a market capitalization of $535.86 million, a price-to-earnings ratio of -3.20 and a beta of -0.04. The business has a 50 day moving average price of $7.96 and a 200-day moving average price of $9.62.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share for the quarter, topping analysts' consensus estimates of ($0.78) by $0.04. As a group, equities analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Brooklyn Investment Group bought a new stake in Cullinan Therapeutics in the 1st quarter worth about $34,000. Federated Hermes Inc. boosted its stake in shares of Cullinan Therapeutics by 67.0% in the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock worth $46,000 after buying an additional 1,525 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Cullinan Therapeutics by 1,214.8% in the first quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock valued at $53,000 after acquiring an additional 6,463 shares in the last quarter. Virtus ETF Advisers LLC grew its holdings in shares of Cullinan Therapeutics by 37.8% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock valued at $71,000 after acquiring an additional 1,600 shares in the last quarter. Finally, Aquatic Capital Management LLC purchased a new stake in shares of Cullinan Therapeutics during the fourth quarter valued at approximately $77,000. 86.31% of the stock is 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.