Geode Capital Management LLC Buys 231,935 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Geode Capital Management LLC increased its position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 23.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,208,421 shares of the company’s stock after buying an additional 231,935 shares during the period. Geode Capital Management LLC owned about 2.08% of Cullinan Therapeutics worth $20,233,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. RTW Investments LP grew its position in shares of Cullinan Therapeutics by 62.1% in the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock worth $28,558,000 after buying an additional 653,330 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Cullinan Therapeutics by 2,416.9% in the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after purchasing an additional 1,136,993 shares during the last quarter. Braidwell LP increased its stake in shares of Cullinan Therapeutics by 567.6% in the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after acquiring an additional 1,000,000 shares during the period. E Fund Management Co. Ltd. purchased a new position in shares of Cullinan Therapeutics during the second quarter worth $1,305,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Cullinan Therapeutics by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company’s stock worth $7,097,000 after buying an additional 53,328 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the transaction, the chief executive officer now owns 263,150 shares in the company, valued at $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the sale, the insider now directly owns 107,942 shares in the company, valued at $1,688,212.88. This represents a 6.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,582 shares of company stock valued at $322,057 over the last 90 days. 6.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

Cullinan Therapeutics Price Performance

CGEM stock opened at $12.02 on Friday. Cullinan Therapeutics, Inc. has a 1 year low of $9.91 and a 1 year high of $30.19. The firm has a market capitalization of $699.90 million, a PE ratio of -4.23 and a beta of -0.18. The business has a 50 day simple moving average of $13.83 and a 200-day simple moving average of $16.28.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.78) by $0.09. On average, equities research analysts expect that Cullinan Therapeutics, Inc. will post -3.12 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.