Fmr LLC Raises Stock Position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Fmr LLC grew its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 2,898.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 20,360 shares of the company’s stock after buying an additional 19,681 shares during the quarter. Fmr LLC’s holdings in Cullinan Therapeutics were worth $341,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Deerfield Management Company L.P. Series C boosted its holdings in shares of Cullinan Therapeutics by 188.1% in 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 in the last quarter. Marshall Wace LLP grew its stake in shares of Cullinan Therapeutics by 2,416.9% during the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after purchasing an additional 1,136,993 shares during the period. Perceptive Advisors LLC acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at approximately $13,079,000. Lynx1 Capital Management LP purchased a new position in shares of Cullinan Therapeutics in the second quarter valued at $6,581,000. Finally, Ensign Peak Advisors Inc acquired a new stake in shares of Cullinan Therapeutics in the second quarter valued at approximately $2,595,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Stock Up 1.7 %

Shares of NASDAQ:CGEM opened at $10.95 on Friday. The firm has a 50-day simple moving average of $14.38 and a 200 day simple moving average of $16.76. Cullinan Therapeutics, Inc. has a fifty-two week low of $8.49 and a fifty-two week high of $30.19. The company has a market cap of $637.60 million, a PE ratio of -3.86 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. As a group, research analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Analysts Set New Price Targets

CGEM has been the subject of a number of recent research reports. UBS Group initiated coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target for the company. Wedbush reissued an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Finally, HC Wainwright reissued 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 data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $31.67.

Insider Activity at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 3,489 shares of Cullinan Therapeutics stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $12.52, for a total transaction of $43,682.28. Following the transaction, the insider now directly owns 104,453 shares of the company’s stock, valued at $1,307,751.56. The trade was a 3.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.07% of the stock is currently owned by 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.