Cullinan Therapeutics (NASDAQ:CGEM) Stock Falls 9.8% – Time to Sell?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) traded down 9.8% during trading on Thursday. The stock traded as low as $10.21 and last traded at $10.2410. Approximately 545,711 shares traded hands during trading, a decline of 39% from the average daily volume of 898,979 shares. The stock had previously closed at $11.35.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CGEM. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Friday, October 2nd. Wedbush lifted their price objective on Cullinan Therapeutics from $42.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday. BTIG Research lifted their price objective on Cullinan Therapeutics from $40.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, October 28th. Wall Street Zen lowered Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th. Finally, HC Wainwright restated a “buy” rating and set a $35.00 target price on shares of Cullinan Therapeutics in a report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Cullinan Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $34.14.

Cullinan Therapeutics Stock Performance

The firm has a 50-day moving average price of $16.35 and a 200-day moving average price of $15.82. The stock has a market cap of $666.52 million, a PE ratio of -3.37 and a beta of -0.03.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Tuesday, November 10th. The company reported ($0.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.10. As a group, sell-side analysts anticipate that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction dated 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 owned 158,844 shares of the company’s stock, valued at approximately $3,426,265.08. The trade was a 4.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Fisher Asset Management LLC boosted its holdings in Cullinan Therapeutics by 2,125.0% in the third quarter. Fisher Asset Management LLC now owns 800,961 shares of the company’s stock worth $12,295,000 after purchasing an additional 764,963 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Cullinan Therapeutics by 9.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 31,320 shares of the company’s stock worth $481,000 after buying an additional 2,736 shares during the last quarter. AlphaCentric Advisors LLC grew its holdings in shares of Cullinan Therapeutics by 4.2% in the third quarter. AlphaCentric Advisors LLC now owns 21,278 shares of the company’s stock worth $327,000 after acquiring an additional 852 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Cullinan Therapeutics during the third quarter valued at $50,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Cullinan Therapeutics by 20.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,742 shares of the company’s stock valued at $179,000 after acquiring an additional 1,961 shares during the period. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Company Profile

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.