Renaissance Technologies LLC Has $7.36 Million Position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Renaissance Technologies LLC lifted its stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 31.3% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 421,708 shares of the company’s stock after buying an additional 100,608 shares during the quarter. Renaissance Technologies LLC owned about 0.73% of Cullinan Therapeutics worth $7,355,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ameritas Investment Partners Inc. lifted its position in Cullinan Therapeutics by 31.0% during the first 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. China Universal Asset Management Co. Ltd. lifted its holdings in 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 purchasing an additional 4,042 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Cullinan Therapeutics by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after buying an additional 3,758 shares in the last quarter. NEOS Investment Management LLC bought a new position in Cullinan Therapeutics during the 4th quarter worth $162,000. Finally, Arizona State Retirement System acquired a new stake in shares of Cullinan Therapeutics during the second quarter worth $182,000. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Trading Down 7.4 %

Shares of Cullinan Therapeutics stock opened at $16.34 on Thursday. The company has a 50 day moving average of $18.04 and a 200-day moving average of $19.23. The company has a market cap of $947.39 million, a PE ratio of -5.22 and a beta of -0.12. Cullinan Therapeutics, Inc. has a 1-year low of $7.64 and a 1-year high of $30.19.

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

Insider Activity at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total transaction of $144,720.00. Following the sale, the insider now directly owns 115,942 shares of the company’s stock, valued at approximately $2,097,390.78. The sale 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.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CGEM shares. Wedbush restated an “outperform” rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. William Blair reiterated an “outperform” rating on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a research note on Monday, September 16th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cullinan Therapeutics currently has an average rating of “Buy” and an average price target of $32.00.

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.