Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Down - Time to Sell?

Key Points

• Cullinan Therapeutics shares opened sharply lower, falling from a prior close of $20.59 to $18.55 before recovering to around $20.00. The company has a $1.29 billion market capitalization and trades below its average analyst price target.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $32.86, although ratings include both Strong Buy and Sell recommendations.
• The clinical-stage biotechnology company narrowly missed its latest quarterly EPS estimate, reporting a loss of $0.81 versus expectations of $0.80, while insiders sold 46,000 shares worth approximately $922,920 during the last quarter.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $20.59, but opened at $18.55. Cullinan Therapeutics shares last traded at $20.00, with a volume of 230,917 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CGEM shares. TD Cowen raised Cullinan Therapeutics to a "strong-buy" rating in a report on Monday, August 24th. BTIG Research lifted their price target on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Wedbush upped their price objective on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Thursday, August 13th. Finally, Wall Street Zen downgraded Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $32.86.

Cullinan Therapeutics Stock Down 2.4%

The stock has a market cap of $1.29 billion, a P/E ratio of -6.44 and a beta of 0.02. The business's 50-day simple moving average is $19.46 and its two-hundred day simple moving average is $16.43.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.01). Analysts anticipate that Cullinan Therapeutics, Inc. will post -3.08 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm's stock in a transaction on Tuesday, September 8th. The stock was 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 46,000 shares of company stock worth $922,920 in the last quarter. Corporate insiders own 8.60% of the company's stock.

Institutional Investors Weigh In On Cullinan Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC bought a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd increased its holdings 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 acquiring an additional 1,036 shares during the period. Seven Fleet Capital Management LP bought a new stake in Cullinan Therapeutics during the 4th quarter worth approximately $31,000. Allworth Financial LP purchased a new stake in Cullinan Therapeutics in the 2nd quarter worth approximately $53,000. Finally, Quantbot Technologies LP purchased a new stake in Cullinan Therapeutics in the 2nd quarter worth approximately $53,000. 86.31% of the stock is currently owned by institutional investors.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for cancer and other serious diseases. The company's approach combines internally developed drug candidates with licensed or acquired programs and partnerships intended to address areas of significant unmet medical need.

Its pipeline has included zipalertinib, an oral tyrosine kinase inhibitor being developed for patients with non-small cell lung cancer whose tumors have EGFR exon 20 insertion mutations.

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