Wellington Management Group LLP Buys 33,927 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Wellington Management Group LLP boosted its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 47.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 106,025 shares of the company’s stock after buying an additional 33,927 shares during the quarter. Wellington Management Group LLP’s holdings in Cullinan Therapeutics were worth $1,775,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CGEM. Deerfield Management Company L.P. Series C boosted its holdings in Cullinan Therapeutics by 188.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after purchasing an additional 2,141,706 shares during the last quarter. State Street Corp boosted its stake in shares of Cullinan Therapeutics by 20.4% in the 3rd quarter. State Street Corp now owns 2,337,222 shares of the company’s stock worth $39,125,000 after buying an additional 396,034 shares during the last quarter. RTW Investments LP grew its holdings in shares of 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 in the last quarter. Holocene Advisors LP increased its position in shares of Cullinan Therapeutics by 16.5% during the third quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock valued at $25,672,000 after acquiring an additional 217,574 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in Cullinan Therapeutics by 2,416.9% during the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after acquiring an additional 1,136,993 shares during the period. 86.31% of the stock is currently owned by institutional investors.

Cullinan Therapeutics Stock Performance

CGEM stock opened at $10.77 on Thursday. Cullinan Therapeutics, Inc. has a fifty-two week low of $8.49 and a fifty-two week high of $30.19. The stock has a fifty day moving average of $14.48 and a 200-day moving average of $16.80. The company has a market capitalization of $627.12 million, a price-to-earnings ratio of -3.79 and a beta of -0.18.

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

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total value of $125,120.00. Following the completion of the transaction, the insider now directly owns 107,942 shares in the company, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.07% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on CGEM shares. UBS Group initiated coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective for the company. Wedbush restated an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Finally, HC Wainwright reaffirmed 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, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $31.67.

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.