American International Group Inc. Raises Stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

American International Group Inc. increased its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 0.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,236,564 shares of the company’s stock after buying an additional 972 shares during the quarter. American International Group Inc. owned about 2.89% of Cullinan Therapeutics worth $12,601,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CGEM. China Universal Asset Management Co. Ltd. increased its stake in shares of Cullinan Therapeutics by 352.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock worth $50,000 after acquiring an additional 3,859 shares during the period. Vontobel Holding Ltd. acquired a new stake in Cullinan Therapeutics during the 4th quarter worth about $102,000. Annandale Capital LLC raised its stake in shares of Cullinan Therapeutics by 20.0% during the 3rd quarter. Annandale Capital LLC now owns 12,000 shares of the company’s stock valued at $109,000 after buying an additional 2,000 shares during the last quarter. Bailard Inc. acquired a new position in shares of Cullinan Therapeutics in the 4th quarter valued at about $110,000. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Cullinan Therapeutics by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 14,076 shares of the company’s stock valued at $143,000 after buying an additional 3,569 shares during the period. 86.31% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 58,000 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $28.07, for a total transaction of $1,628,060.00. Following the completion of the transaction, the insider now owns 129,582 shares of the company’s stock, valued at $3,637,366.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.07% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CGEM. Wedbush reiterated an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research report on Thursday, May 16th. HC Wainwright reaffirmed a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a report on Monday, June 3rd. BTIG Research increased their price target on shares of Cullinan Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. William Blair reaffirmed an “outperform” rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. Finally, Jonestrading increased their target price on shares of Cullinan Therapeutics from $22.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Therapeutics has a consensus rating of “Buy” and an average price target of $32.00.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $18.88 on Monday. The stock has a market capitalization of $1.09 billion, a P/E ratio of -6.03 and a beta of -0.06. The company’s fifty day moving average price is $22.49 and its 200 day moving average price is $16.87. Cullinan Therapeutics, Inc. has a 1 year low of $7.64 and a 1 year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.04. Sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.02 EPS for the current year.

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.