Exchange Traded Concepts LLC Sells 2,961 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Exchange Traded Concepts LLC reduced its position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 23.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,891 shares of the company’s stock after selling 2,961 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Cullinan Therapeutics were worth $166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ameritas Investment Partners Inc. raised its stake in Cullinan Therapeutics by 31.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock valued at $44,000 after purchasing an additional 615 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Cullinan Therapeutics by 73.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after purchasing an additional 3,758 shares during the last quarter. Arizona State Retirement System purchased a new stake in shares of Cullinan Therapeutics in the second quarter worth about $182,000. Squarepoint Ops LLC bought a new position in Cullinan Therapeutics during the second quarter valued at approximately $186,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Cullinan Therapeutics by 40.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock valued at $265,000 after buying an additional 4,393 shares in the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Stock Down 3.4 %

CGEM opened at $16.20 on Tuesday. The business has a fifty day moving average of $17.34 and a 200 day moving average of $19.23. Cullinan Therapeutics, Inc. has a 52-week low of $7.64 and a 52-week high of $30.19. The stock has a market cap of $933.67 million, a P/E ratio of -5.18 and a beta of -0.13.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data 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). Equities analysts anticipate that Cullinan Therapeutics, Inc. will post -3.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CGEM shares. Wedbush reiterated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. HC Wainwright reissued a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Therapeutics presently has an average rating of “Buy” and a consensus price target of $32.00.

Insider Activity

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $18.09, for a total transaction of $144,720.00. Following the completion of the sale, the insider now directly owns 115,942 shares of the company’s stock, valued at $2,097,390.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 6.07% of the company’s stock.

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.