Cullinan Oncology (NASDAQ:CGEM) Shares Gap Down to $17.02

Cullinan Oncology, Inc. (NASDAQ:CGEM - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $17.02, but opened at $16.04. Cullinan Oncology shares last traded at $16.70, with a volume of 18,939 shares.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CGEM shares. Wedbush started coverage on Cullinan Oncology in a report on Thursday, February 15th. They set an "outperform" rating and a $30.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $34.00 target price on shares of Cullinan Oncology in a report on Thursday, March 14th.

Cullinan Oncology Stock Down 0.1 %

The firm has a 50-day moving average of $17.24 and a two-hundred day moving average of $12.17. The company has a market capitalization of $732.19 million, a PE ratio of -4.44 and a beta of 0.33.

Cullinan Oncology (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share for the quarter, beating the consensus estimate of ($0.96) by $0.42. Equities analysts predict that Cullinan Oncology, Inc. will post -3.55 EPS for the current fiscal year.

Insider Activity

In other news, insider Corrine Savill sold 40,000 shares of the business's stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $14.09, for a total value of $563,600.00. Following the completion of the sale, the insider now directly owns 165,990 shares in the company, valued at $2,338,799.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 98,684 shares of company stock worth $1,437,624 over the last three months. 8.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Cullinan Oncology

A number of institutional investors and hedge funds have recently made changes to their positions in CGEM. Swiss National Bank increased its position in shares of Cullinan Oncology by 8.1% in the first quarter. Swiss National Bank now owns 36,200 shares of the company's stock valued at $379,000 after buying an additional 2,700 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Cullinan Oncology by 20.5% during the first quarter. JPMorgan Chase & Co. now owns 24,172 shares of the company's stock worth $253,000 after purchasing an additional 4,115 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Cullinan Oncology by 57.0% during the first quarter. MetLife Investment Management LLC now owns 15,398 shares of the company's stock worth $161,000 after purchasing an additional 5,590 shares in the last quarter. Rhumbline Advisers increased its position in shares of Cullinan Oncology by 4.7% during the first quarter. Rhumbline Advisers now owns 32,045 shares of the company's stock worth $336,000 after purchasing an additional 1,445 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Cullinan Oncology by 2.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 178,150 shares of the company's stock worth $1,866,000 after purchasing an additional 3,937 shares in the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

About Cullinan Oncology

Cullinan Oncology, 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.