Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Shares Acquired by Braidwell LP

Braidwell LP increased its stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 567.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,176,173 shares of the company’s stock after purchasing an additional 1,000,000 shares during the period. Braidwell LP owned 2.02% of Cullinan Therapeutics worth $19,689,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Cullinan Therapeutics by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,842 shares of the company’s stock valued at $390,000 after buying an additional 820 shares during the period. Harbor Capital Advisors Inc. raised its stake in Cullinan Therapeutics by 39.4% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 17,481 shares of the company’s stock worth $305,000 after acquiring an additional 4,941 shares in the last quarter. SG Americas Securities LLC grew its position in Cullinan Therapeutics by 757.2% during the 2nd quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock worth $1,485,000 after purchasing an additional 75,236 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Cullinan Therapeutics during the 2nd quarter worth $1,992,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Cullinan Therapeutics by 46.4% in the second quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock valued at $2,407,000 after acquiring an additional 43,757 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm’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 sale, the insider now owns 107,942 shares in the company, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 6.07% of the company’s stock.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $13.09 on Friday. The company has a 50-day simple moving average of $15.77 and a 200-day simple moving average of $18.01. Cullinan Therapeutics, Inc. has a one year low of $7.64 and a one year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.09. On average, research analysts predict that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.