Shares of Cullinan Therapeutics, Inc. (NASDAQ: CGEM) experienced a notable decline of 6.2% on Monday, trading as low as $10.04 before closing at $10.22. During the trading session, approximately 250,279 shares changed hands, reflecting a significant drop of 66% from the average volume of 746,386 shares. This downturn follows a previous close of $10.90.
Analyst Ratings and Price Targets
Recent reports from several analysts have provided mixed signals regarding Cullinan’s stock. Notably, Wedbush raised its target price from $25.00 to $34.00, assigning an “outperform” rating on December 9. Similarly, HC Wainwright increased its price target from $26.00 to $27.00 and maintained a “buy” rating in a report issued on December 6.
On the other hand, Weiss Ratings reaffirmed a “sell (e+)” rating for the stock on December 29, and New Street Research set a target price of $26.00 on November 20. Overall, six analysts currently rate the stock as a buy, one as a hold, and one as a sell. According to MarketBeat.com, the average rating stands at “Moderate Buy,” with an average price target of $28.71.
Recent Earnings and Insider Activity
Cullinan Therapeutics announced its earnings results on November 6, reporting a loss of ($0.77) earnings per share, surpassing the consensus estimate of ($0.95) by $0.18. Analysts predict the company will post an earnings per share of (3.04) for the current year.
In a separate development, Nadim Ahmed, the CEO of Cullinan, sold 9,922 shares on December 23 at an average price of $10.01, totaling $99,319.22. Following this transaction, Ahmed retains 420,699 shares valued at approximately $4,211,196.99, a decrease of 2.30% in his holdings. Additionally, insider Jacquelyn L. Sumer sold 3,480 shares on December 18 for a total of $33,651.60.
Over the last quarter, insiders acquired 414,416 shares valued at $3,496,187 while selling 29,420 shares worth $306,882. Currently, corporate insiders own 6.07% of the company’s stock.
Institutional investors also play a significant role in Cullinan’s stock. Recent changes include SG Americas Securities LLC increasing its holdings by 49.4% during the fourth quarter, now owning 15,631 shares valued at $162,000. Other notable transactions include Tudor Investment Corp ET AL growing its position by 30.9% and XTX Topco Ltd increasing its holdings by 289.8% in the third quarter.
As of now, institutional investors own an impressive 86.31% of Cullinan Therapeutics’ stock, indicating strong interest and confidence from major financial entities.
About Cullinan Therapeutics
Cullinan Therapeutics, Inc. is a biopharmaceutical company dedicated to developing innovative oncology therapies for cancer patients in the United States. The company’s lead program, CLN-619, a monoclonal antibody, is currently in Phase I clinical trials targeting solid tumors. Its development pipeline also includes CLN-049, aimed at treating acute myeloid leukemia and myelodysplastic syndrome, along with CLN-418, which is designed to activate immune responses against multiple solid tumors. Additionally, Zipalertinib is being developed as a treatment for patients with non-small cell lung cancer.
As the market closely monitors these developments, investors and analysts alike will be keen to see how Cullinan Therapeutics navigates its current challenges and opportunities ahead.
