Cullinan Therapeutics (NASDAQ:CGEM) Stock Price Down 7.1% - Here's What Happened

Key Points

• Cullinan Therapeutics shares fell 7.1% to $20.13, with trading volume down 76% from its average. The company’s market capitalization is approximately $1.16 billion.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $33.00 average price target, despite one recent downgrade to “sell.”
• The company reported a quarterly loss of $0.81 per share, slightly missing estimates, while insiders have sold 46,000 shares worth about $922,920 over the past 90 days.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report)'s stock price dropped 7.1% on Wednesday . The stock traded as low as $20.43 and last traded at $20.13. Approximately 213,438 shares were traded during trading, a decline of 76% from the average daily volume of 872,454 shares. The stock had previously closed at $21.67.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CGEM. BTIG Research increased their price objective on shares of Cullinan Therapeutics from $39.00 to $40.00 and gave the stock a "buy" rating in a research note on Monday, September 14th. Wedbush lifted their target price on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Thursday, August 13th. Wall Street Zen downgraded shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday, September 13th. HC Wainwright reiterated a "buy" rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research note on Monday, August 17th. Finally, TD Cowen raised Cullinan Therapeutics to a "strong-buy" rating in a report on Monday, August 24th. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

Cullinan Therapeutics Trading Down 16.8%

The company has a 50 day simple moving average of $19.87 and a two-hundred day simple moving average of $16.70. The firm has a market capitalization of $1.16 billion, a P/E ratio of -5.85 and a beta of 0.02.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, sell-side analysts expect that Cullinan Therapeutics, Inc. will post -3.08 EPS for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 30,000 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the transaction, the insider owned 162,844 shares in the company, valued at $3,299,219.44. This trade represents a 15.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 46,000 shares of company stock worth $922,920. 8.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Engineers Gate Manager LP increased its stake in Cullinan Therapeutics by 130.9% in the 2nd quarter. Engineers Gate Manager LP now owns 153,050 shares of the company's stock worth $2,787,000 after acquiring an additional 86,762 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Cullinan Therapeutics in the second quarter valued at $25,000. Squarepoint Ops LLC bought a new stake in Cullinan Therapeutics in the second quarter worth $3,061,000. Allworth Financial LP increased its position in Cullinan Therapeutics by 152.4% in the second quarter. Allworth Financial LP now owns 2,893 shares of the company's stock worth $53,000 after purchasing an additional 1,747 shares during the last quarter. Finally, Arizona State Retirement System purchased a new stake in Cullinan Therapeutics during the second quarter valued at $190,000. 86.31% of the stock is 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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