Cullinan Therapeutics (NASDAQ:CGEM) Stock Falls 14.7% - Here's Why

Key Points

• Cullinan Therapeutics shares fell 14.7% to about $13.44 Wednesday, with trading volume 62% below its average; the article does not identify a specific catalyst for the drop.
• Analysts’ consensus remains “Moderate Buy,” with an average price target of $33.86, despite one sell rating; recent targets range up to $42.
• The clinical-stage biotech’s latest reported quarterly loss per share slightly missed estimates ($0.81 versus $0.80 expected). An insider also sold 30,000 shares in August.

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) dropped 14.7% on Wednesday. The stock traded as low as $13.73 and last traded at $13.4410. 338,531 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 887,337 shares. The stock had previously closed at $15.75.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CGEM shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. HC Wainwright reissued a "buy" rating and issued a $35.00 target price on shares of Cullinan Therapeutics in a report on Friday, October 2nd. BTIG Research upped their target price on shares of Cullinan Therapeutics from $40.00 to $41.00 and gave the stock a "buy" rating in a research report on Wednesday, October 28th. TD Cowen raised shares of Cullinan Therapeutics to a "strong-buy" rating in a research note on Monday, August 24th. Finally, Wedbush lifted their price target on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Thursday, August 13th. One equities research 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 company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $33.86.

Cullinan Therapeutics Stock Down 21.3%

The company has a market capitalization of $797.42 million, a P/E ratio of -3.96 and a beta of -0.03. The business has a 50 day moving average of $17.65 and a 200 day moving average of $15.82.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). On average, research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 30,000 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total value of $607,800.00. Following the sale, the insider owned 162,844 shares in the company, valued at approximately $3,299,219.44. The trade was a 15.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 8.60% of the company's stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Cullinan Therapeutics during the second quarter valued at approximately $95,289,000. Blue Owl Capital Holdings LP purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter worth approximately $28,039,000. Dimensional Fund Advisors LP boosted its holdings in shares of Cullinan Therapeutics by 6.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 906,028 shares of the company's stock worth $12,870,000 after purchasing an additional 57,259 shares during the period. Boone Capital Management LLC bought a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at approximately $12,828,000. Finally, Elmind Capital LP bought a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at approximately $12,564,900. 86.31% of the stock is owned by hedge funds and other institutional investors.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for cancer. The company builds a portfolio of targeted therapies and immune-modulating treatments designed to address significant unmet needs across hematologic malignancies and solid tumors.

Its development programs include investigational antibody-based therapies and other biologic approaches intended to selectively target cancer cells or activate the immune system. Among its programs are CLN-619, an antibody directed at the MICA and MICB proteins, CLN-418, an immune-activating bispecific molecule, and CLN-049, an investigational treatment designed to engage FLT3 and FLT3 ligand in certain blood cancers.

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