Cullinan Therapeutics (NASDAQ:CGEM) Sets New 52-Week Low – Should You Sell?

Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) reached a new 52-week low during mid-day trading on Monday . The company 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.

Analyst Ratings Changes

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

Cullinan Therapeutics Price Performance

The stock has a market cap of $514.17 million, a PE ratio of -3.11 and a beta of -0.16. The business has a 50 day simple moving average of $10.81 and a 200 day simple moving average of $14.18.

Insider Activity

In other news, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer Michaelson sold 4,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $12.51, for a total transaction of $50,040.00. Following the sale, the insider now directly owns 95,760 shares of the company’s stock, valued at approximately $1,197,957.60. This represents a 4.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,582 shares of company stock worth $246,977. 6.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Amalgamated Bank grew its position in shares of Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after purchasing an additional 872 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Cullinan Therapeutics by 10.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock valued at $150,000 after buying an additional 1,195 shares during the last quarter. Invesco Ltd. increased its position in Cullinan Therapeutics by 2.4% in the 4th quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock worth $725,000 after buying an additional 1,395 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Cullinan Therapeutics by 67.0% during the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock worth $46,000 after buying an additional 1,525 shares during the last quarter. Finally, Virtus ETF Advisers LLC boosted its position 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 acquiring an additional 1,600 shares during the period. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.