Bank of New York Mellon Corp boosted its stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM – Free Report) by 46.4% in the second quarter, Holdings Channel reports. The institutional investor owned 137,997 shares of the company’s stock after acquiring an additional 43,757 shares during the period. Bank of New York Mellon Corp’s holdings in Cullinan Therapeutics were worth $2,407,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Franklin Resources Inc. raised its position in shares of Cullinan Therapeutics by 13.5% in the 4th quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock worth $33,436,000 after acquiring an additional 390,505 shares in the last quarter. Parkman Healthcare Partners LLC raised its holdings in Cullinan Therapeutics by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock worth $5,399,000 after purchasing an additional 91,132 shares in the last quarter. Affinity Asset Advisors LLC purchased a new stake in shares of Cullinan Therapeutics during the fourth quarter valued at about $3,057,000. Assenagon Asset Management S.A. bought a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at about $1,992,000. Finally, SG Americas Securities LLC grew its position in shares of Cullinan Therapeutics by 757.2% in the 2nd quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock worth $1,485,000 after buying an additional 75,236 shares during the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.
Cullinan Therapeutics Trading Down 5.7 %
NASDAQ:CGEM opened at $16.93 on Tuesday. The company’s 50 day moving average is $18.00 and its two-hundred day moving average is $19.26. The company has a market cap of $975.74 million, a PE ratio of -5.41 and a beta of -0.12. Cullinan Therapeutics, Inc. has a twelve month low of $7.64 and a twelve month high of $30.19.
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 dated Thursday, September 5th. The stock was sold at an average price of $18.09, for a total value of $144,720.00. Following the completion of the transaction, the insider now directly owns 115,942 shares in the company, valued at $2,097,390.78. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 6.07% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on CGEM shares. William Blair reissued an “outperform” rating on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Wedbush reiterated an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a report on Thursday, August 8th. Finally, HC Wainwright restated a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a research note on Monday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $32.00.
Read Our Latest Analysis on Cullinan Therapeutics
Cullinan Therapeutics 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.
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