Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 4.7% - Here's What Happened

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

Analysts Set New Price Targets

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

Cullinan Therapeutics Price Performance

The business has a fifty day moving average of $7.96 and a 200-day moving average of $9.60. The stock has a market capitalization of $535.86 million, a price-to-earnings ratio of -3.20 and a beta of -0.04.

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

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its position in Cullinan Therapeutics by 4.6% during the first quarter. Rhumbline Advisers now owns 71,338 shares of the company's stock worth $540,000 after buying an additional 3,130 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Cullinan Therapeutics during the 1st quarter worth about $618,000. Jane Street Group LLC increased its holdings in shares of Cullinan Therapeutics by 145.9% during the 1st quarter. Jane Street Group LLC now owns 34,396 shares of the company's stock valued at $260,000 after acquiring an additional 109,413 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Cullinan Therapeutics in the 1st quarter valued at approximately $163,000. Finally, Tema Etfs LLC lifted its holdings in Cullinan Therapeutics by 37.7% in the 1st quarter. Tema Etfs LLC now owns 39,164 shares of the company's stock worth $296,000 after purchasing an additional 10,731 shares during the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

About Cullinan Therapeutics

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.