Cullinan Therapeutics (NASDAQ:CGEM) Sees Strong Trading Volume – What’s Next?

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) shares saw unusually-high trading volume on Thursday . Approximately 1,050,156 shares changed hands during trading, an increase of 109% from the previous session’s volume of 503,451 shares.The stock last traded at $10.21 and had previously closed at $10.30.

Wall Street Analyst Weigh In

CGEM has been the subject of a number of analyst reports. UBS Group initiated coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 price target for the company. HC Wainwright lifted their price target on Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $32.50.

Cullinan Therapeutics Stock Performance

The business has a 50 day moving average price of $11.54 and a two-hundred day moving average price of $14.99. The stock has a market cap of $601.87 million, a PE ratio of -3.64 and a beta of -0.16.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.09. As a group, research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 4,693 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $11.41, for a total transaction of $53,547.13. Following the sale, the insider now owns 99,760 shares of the company’s stock, valued at $1,138,261.60. The trade was a 4.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Nadim Ahmed sold 8,400 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were 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 in the company, valued at $3,123,590.50. The trade was a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,582 shares of company stock worth $246,977. Insiders own 6.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. RTW Investments LP increased its stake in Cullinan Therapeutics by 62.1% in the third quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock valued at $28,558,000 after acquiring an additional 653,330 shares during the last quarter. Braidwell LP grew its stake in shares of Cullinan Therapeutics by 567.6% during the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock valued at $19,689,000 after buying an additional 1,000,000 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Cullinan Therapeutics by 43.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 30,747 shares of the company’s stock worth $374,000 after purchasing an additional 9,385 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cullinan Therapeutics by 23.8% in the third quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock worth $20,233,000 after purchasing an additional 231,935 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Cullinan Therapeutics by 25.1% in the third quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company’s stock worth $487,000 after purchasing an additional 5,842 shares during the last quarter. Institutional investors 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.