Nadim Ahmed Sells 8,400 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at approximately $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 is available through the SEC website.

Cullinan Therapeutics Stock Performance

Shares of Cullinan Therapeutics stock opened at $12.02 on Friday. Cullinan Therapeutics, Inc. has a 52-week low of $9.91 and a 52-week high of $30.19. The company has a fifty day moving average of $13.83 and a 200-day moving average of $16.28. The stock has a market capitalization of $699.90 million, a price-to-earnings ratio of -4.23 and a beta of -0.18.

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

Analyst Upgrades and Downgrades

CGEM has been the subject of several recent research reports. Wedbush reiterated an “outperform” rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. UBS Group initiated coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $31.67.

Hedge Funds Weigh In On Cullinan Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Deerfield Management Company L.P. Series C raised its holdings in Cullinan Therapeutics by 188.1% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock valued at $57,207,000 after buying an additional 2,141,706 shares during the last quarter. State Street Corp raised its stake in shares of Cullinan Therapeutics by 20.4% during the third quarter. State Street Corp now owns 2,337,222 shares of the company’s stock valued at $39,125,000 after acquiring an additional 396,034 shares during the last quarter. RTW Investments LP boosted its holdings in shares of Cullinan Therapeutics by 62.1% during the third quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock worth $28,558,000 after purchasing an additional 653,330 shares during the period. Holocene Advisors LP grew its stake in shares of Cullinan Therapeutics by 16.5% in the third quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock worth $25,672,000 after purchasing an additional 217,574 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Cullinan Therapeutics by 23.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after purchasing an additional 231,935 shares during the period. 86.31% of the stock is currently owned by institutional investors.

Cullinan Therapeutics Company Profile

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.