Cullinan Therapeutics (NASDAQ:CGEM) Shares Down 9.8% - Should You Sell?

Key Points

• Cullinan Therapeutics shares fell 9.8% to about $10.24, with trading volume 39% below its average.
• Analyst views are mixed, but the consensus rating is “Moderate Buy” with a $34.14 price target; recent calls ranged from a $44 target and “outperform” to a “sell” rating.
• The company reported a quarterly loss of $0.74 per share, narrower than analysts’ expected loss of $0.84 per share.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report)'s stock price was down 9.8% on Thursday. The stock traded as low as $10.21 and last traded at $10.2410. Approximately 545,711 shares were traded during trading, a decline of 39% from the average session volume of 898,979 shares. The stock had previously closed at $11.35.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CGEM shares. HC Wainwright reiterated a "buy" rating and issued a $35.00 target price on shares of Cullinan Therapeutics in a research note on Friday, October 2nd. TD Cowen upgraded shares of Cullinan Therapeutics to a "strong-buy" rating in a report on Monday, August 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Wall Street Zen lowered shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, October 24th. Finally, Wedbush lifted their target price on shares of Cullinan Therapeutics from $42.00 to $44.00 and gave the stock an "outperform" rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Cullinan Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $34.14.

Cullinan Therapeutics Price Performance

The business's fifty day moving average is $16.35 and its 200-day moving average is $15.82. The firm has a market cap of $666.52 million, a PE ratio of -3.37 and a beta of -0.03.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings data on Tuesday, November 10th. The company reported ($0.74) earnings per share for the quarter, beating the consensus estimate of ($0.84) by $0.10. Analysts forecast that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current year.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the firm's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total value of $172,560.00. Following the completion of the transaction, the insider directly owned 158,844 shares of the company's stock, valued at $3,426,265.08. This trade represents a 4.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at about $95,289,000. Blue Owl Capital Holdings LP bought a new position in Cullinan Therapeutics during the second quarter valued at approximately $28,039,000. Dimensional Fund Advisors LP grew its position in Cullinan Therapeutics by 6.7% during the first quarter. Dimensional Fund Advisors LP now owns 906,028 shares of the company's stock valued at $12,870,000 after acquiring an additional 57,259 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Cullinan Therapeutics by 2,125.0% during the third quarter. Fisher Asset Management LLC now owns 800,961 shares of the company's stock worth $12,295,000 after acquiring an additional 764,963 shares in the last quarter. Finally, Boone Capital Management LLC purchased a new position in shares of Cullinan Therapeutics during the second quarter worth approximately $12,828,000. Institutional investors own 86.31% of the company's stock.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing treatments for cancer and autoimmune diseases. The company advances a pipeline of investigational medicines, including antibody-based therapies and T-cell engagers designed to direct immune responses against disease-related cells. Its programs include CLN-619, an antibody being studied for solid tumors; CLN-049, a T-cell engager targeting FLT3 for acute myeloid leukemia; and CLN-978, a CD19-targeting T-cell engager being developed for B-cell-mediated autoimmune diseases.

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