Blue Owl Capital Holdings LP Reduces Stock Holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Blue Owl Capital Holdings LP lowered its stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 29.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,049,172 shares of the company’s stock after selling 875,670 shares during the period. Cullinan Therapeutics accounts for 10.0% of Blue Owl Capital Holdings LP’s holdings, making the stock its biggest position. Blue Owl Capital Holdings LP’s holdings in Cullinan Therapeutics were worth $35,738,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ameritas Investment Partners Inc. increased its holdings in shares of Cullinan Therapeutics by 31.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after acquiring an additional 615 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings 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 during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Cullinan Therapeutics by 81.6% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 8,996 shares of the company’s stock worth $153,000 after acquiring an additional 4,042 shares during the last quarter. Arizona State Retirement System acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $182,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $186,000. Institutional investors own 86.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CGEM. William Blair reissued an “outperform” rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. HC Wainwright reissued a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a report on Monday, September 16th. Finally, Wedbush reissued an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cullinan Therapeutics presently has a consensus rating of “Buy” and an average price target of $32.00.

Cullinan Therapeutics Price Performance

Shares of NASDAQ CGEM opened at $17.19 on Friday. The stock’s fifty day moving average price is $18.00 and its two-hundred day moving average price is $19.23. Cullinan Therapeutics, Inc. has a one year low of $7.64 and a one year high of $30.19. The firm has a market cap of $996.68 million, a price-to-earnings ratio of -5.49 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). On average, equities analysts anticipate that Cullinan Therapeutics, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $18.09, for a total transaction of $144,720.00. Following the completion of the sale, the insider now directly owns 115,942 shares in the company, valued at approximately $2,097,390.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.07% of the company’s stock.

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.