Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC raised its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 23.8% during the third quarter, Holdings Channel.com reports. The firm owned 1,208,421 shares of the company’s stock after purchasing an additional 231,935 shares during the quarter. Geode Capital Management LLC’s holdings in Cullinan Therapeutics were worth $20,233,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its position in Cullinan Therapeutics by 46.4% during the second quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock worth $2,407,000 after buying an additional 43,757 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Cullinan Therapeutics by 73.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after acquiring an additional 3,758 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Cullinan Therapeutics by 16.4% in the 2nd quarter. Rhumbline Advisers now owns 54,351 shares of the company’s stock worth $948,000 after acquiring an additional 7,649 shares during the period. Arizona State Retirement System purchased a new position in Cullinan Therapeutics in the 2nd quarter valued at approximately $182,000. Finally, American Century Companies Inc. boosted its position in shares of Cullinan Therapeutics by 32.9% in the 2nd quarter. American Century Companies Inc. now owns 76,018 shares of the company’s stock worth $1,326,000 after buying an additional 18,840 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Price Performance

CGEM opened at $12.02 on Friday. Cullinan Therapeutics, Inc. has a 12 month low of $9.91 and a 12 month high of $30.19. The business has a 50-day moving average of $13.83 and a two-hundred 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 issued its earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. Equities research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CGEM shares. Wedbush restated an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. UBS Group started coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, HC Wainwright restated a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $31.67.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction 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 represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nadim Ahmed sold 8,400 shares of the firm’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 of the company’s stock, valued at approximately $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,582 shares of company stock worth $322,057. 6.07% of the stock is currently owned by corporate insiders.

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.