Franklin Resources Inc. Purchases 8,447 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Franklin Resources Inc. boosted its position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 0.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,199,709 shares of the company’s stock after purchasing an additional 8,447 shares during the quarter. Franklin Resources Inc.’s holdings in Cullinan Therapeutics were worth $26,792,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp grew its position in shares of Cullinan Therapeutics by 20.4% in the 3rd quarter. State Street Corp now owns 2,337,222 shares of the company’s stock worth $39,125,000 after buying an additional 396,034 shares during the period. Alliancebernstein L.P. grew its holdings in Cullinan Therapeutics by 8.5% in the fourth quarter. Alliancebernstein L.P. now owns 2,011,525 shares of the company’s stock worth $24,500,000 after purchasing an additional 157,115 shares during the period. Geode Capital Management LLC increased its stake in shares of Cullinan Therapeutics by 23.8% during the third quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after purchasing an additional 231,935 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cullinan Therapeutics by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 430,971 shares of the company’s stock valued at $5,249,000 after purchasing an additional 7,012 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of Cullinan Therapeutics by 26.0% in the 3rd quarter. Barclays PLC now owns 248,614 shares of the company’s stock worth $4,161,000 after purchasing an additional 51,300 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price objective on shares of Cullinan Therapeutics in a research report on Friday, February 28th. Morgan Stanley restated an “overweight” rating and set a $35.00 price target (down from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $32.86.

Insider Activity

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,895 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $41,754.35. Following the completion of the sale, the insider now owns 174,164 shares of the company’s stock, valued at approximately $1,485,618.92. The trade was a 2.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Michaelson sold 4,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $12.51, for a total transaction of $50,040.00. Following the sale, the insider now owns 95,760 shares of the company’s stock, valued at approximately $1,197,957.60. This represents a 4.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,424 shares of company stock valued at $198,667 over the last three months. Insiders own 6.07% of the company’s stock.

Cullinan Therapeutics Trading Down 1.1 %

Cullinan Therapeutics stock opened at $7.41 on Friday. Cullinan Therapeutics, Inc. has a 12 month low of $7.11 and a 12 month high of $30.19. The stock has a fifty day simple moving average of $9.02 and a two-hundred day simple moving average of $12.23. The firm has a market cap of $433.58 million, a price-to-earnings ratio of -2.61 and a beta of -0.05.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.02. On average, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

About Cullinan Therapeutics

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.