Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Shares Acquired by State Street Corp

State Street Corp boosted its position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 20.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,337,222 shares of the company’s stock after buying an additional 396,034 shares during the quarter. State Street Corp owned 4.01% of Cullinan Therapeutics worth $39,125,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank increased its stake in shares of Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after buying an additional 872 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Cullinan Therapeutics by 3.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company’s stock worth $1,187,000 after purchasing an additional 2,377 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of 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 purchasing an additional 3,758 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Cullinan Therapeutics by 22.2% during the third quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock worth $358,000 after purchasing an additional 3,881 shares during the last quarter. Finally, Profund Advisors LLC grew its stake in Cullinan Therapeutics by 26.8% in the second quarter. Profund Advisors LLC now owns 19,352 shares of the company’s stock worth $337,000 after purchasing an additional 4,089 shares in the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Cullinan Therapeutics

In related 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 transaction, the insider now directly owns 107,942 shares in the company, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold a total of 16,182 shares of company stock worth $222,349 over the last 90 days. Insiders own 6.07% of the company’s stock.

Cullinan Therapeutics Trading Up 5.9 %

Shares of CGEM opened at $11.60 on Friday. The business’s 50-day moving average price is $14.28 and its 200 day moving average price is $16.68. The stock has a market capitalization of $675.44 million, a P/E ratio of -4.08 and a beta of -0.18. Cullinan Therapeutics, Inc. has a 1-year low of $8.49 and a 1-year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) 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 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.