Cullinan Therapeutics (NASDAQ:CGEM) Hits New 1-Year Low – Here’s What Happened

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) hit a new 52-week low during trading on Monday . The stock traded as low as $8.90 and last traded at $8.86, with a volume of 15243 shares trading hands. The stock had previously closed at $9.03.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright increased their price objective on Cullinan Therapeutics from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $32.50.

Cullinan Therapeutics Price Performance

The stock has a market cap of $514.17 million, a price-to-earnings ratio of -3.11 and a beta of -0.16. The firm has a 50 day simple moving average of $10.81 and a two-hundred day simple moving average of $14.18.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 4,693 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $11.41, for a total value of $53,547.13. Following the completion of the transaction, the insider now owns 99,760 shares in the company, valued at $1,138,261.60. This represents a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the sale, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,582 shares of company stock worth $246,977 in the last ninety days. Company insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CGEM. Amalgamated Bank raised its position in Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after buying an additional 872 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Cullinan Therapeutics by 67.0% in the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock valued at $46,000 after purchasing an additional 1,525 shares during the last quarter. Virtus ETF Advisers LLC raised its holdings in shares of Cullinan Therapeutics by 37.8% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock valued at $71,000 after purchasing an additional 1,600 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in shares of Cullinan Therapeutics in the fourth quarter worth $77,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Cullinan Therapeutics during the fourth quarter worth $83,000. 86.31% of the stock is owned by institutional investors and hedge funds.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc, a biopharmaceutical company, focuses on developing oncology therapies for cancer patients in the United States. The company's lead program comprises CLN-619, a monoclonal antibody that is in Phase I clinical trial for the treatment of solid tumors. Its development portfolio also includes CLN-049, a humanized bispecific antibody that is in Phase I clinical trial for the treatment of acute myeloid leukemia or myelodysplastic syndrome; CLN-418, a human bispecific immune activator that is in Phase 1 clinical trial for the treatment of multiple solid tumors; and Zipalertinib, a bioavailable small-molecule for treating patients with non-small cell lung cancer.