Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 7.3% - Here's What Happened

Key Points

• Cullinan Therapeutics shares fell 7.3% to about $16.24 in midday trading, with volume down 74% from the average. The company has a market capitalization of approximately $1.02 billion.
• Analyst sentiment remains broadly positive: six analysts rate the stock a Buy, one a Hold and one a Sell, resulting in a consensus “Moderate Buy” rating and an average price target of $32.14.
• Cullinan reported a quarterly loss of $0.75 per share, beating estimates for a $0.84 loss, while analysts expect a full-year loss of $3.06 per share. Institutional investors own 86.31% of the stock, and an insider recently sold 8,000 shares.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) shares were down 7.3% during mid-day trading on Friday . The company traded as low as $16.19 and last traded at $16.2360. Approximately 229,340 shares were traded during trading, a decline of 74% from the average daily volume of 884,287 shares. The stock had previously closed at $17.52.

Analyst Upgrades and Downgrades

CGEM has been the topic of several research reports. HC Wainwright restated a "buy" rating and set a $30.00 price target on shares of Cullinan Therapeutics in a research note on Monday, June 8th. Wall Street Zen raised Cullinan Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. BTIG Research increased their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday. Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. Finally, Wedbush reissued an "outperform" rating and issued a $37.00 price objective on shares of Cullinan Therapeutics in a research note on Thursday, June 11th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cullinan Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $32.14.

Cullinan Therapeutics Stock Down 5.7%

The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -4.97 and a beta of -0.01. The company's fifty day moving average is $16.33 and its two-hundred day moving average is $14.55.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, topping analysts' consensus estimates of ($0.84) by $0.09. Sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Monday, July 6th. The shares were sold at an average price of $17.82, for a total transaction of $142,560.00. Following the sale, the insider directly owned 162,844 shares in the company, valued at $2,901,880.08. This trade represents a 4.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several large investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its position in Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock worth $28,000 after purchasing an additional 1,036 shares during the last quarter. Seven Fleet Capital Management LP acquired a new position in Cullinan Therapeutics during the fourth quarter worth about $31,000. CWM LLC lifted its stake in Cullinan Therapeutics by 51.5% in the 4th quarter. CWM LLC now owns 3,876 shares of the company's stock valued at $40,000 after buying an additional 1,318 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Cullinan Therapeutics by 160.6% during the first quarter. Royal Bank of Canada now owns 4,044 shares of the company's stock valued at $58,000 after acquiring an additional 2,492 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Cullinan Therapeutics by 689.7% during the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company's stock worth $43,000 after buying an additional 3,607 shares in the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

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.

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