Rhumbline Advisers Raises Position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Rhumbline Advisers raised its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 16.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 54,351 shares of the company’s stock after acquiring an additional 7,649 shares during the period. Rhumbline Advisers owned approximately 0.09% of Cullinan Therapeutics worth $948,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Franklin Resources Inc. raised its holdings in Cullinan Therapeutics by 13.5% in the 4th quarter. Franklin Resources Inc. now owns 3,281,280 shares of the company’s stock valued at $33,436,000 after acquiring an additional 390,505 shares during the last quarter. Parkman Healthcare Partners LLC increased its holdings in shares of Cullinan Therapeutics by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 529,877 shares of the company’s stock worth $5,399,000 after buying an additional 91,132 shares during the last quarter. Affinity Asset Advisors LLC acquired a new stake in shares of Cullinan Therapeutics during the 4th quarter worth approximately $3,057,000. Bank of New York Mellon Corp increased its holdings in shares of Cullinan Therapeutics by 46.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock worth $2,407,000 after buying an additional 43,757 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $1,992,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $16.63 on Tuesday. Cullinan Therapeutics, Inc. has a fifty-two week low of $7.64 and a fifty-two week high of $30.19. The firm has a 50 day moving average price of $18.12 and a 200 day moving average price of $19.25. The company has a market capitalization of $958.45 million, a PE ratio of -5.31 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.02). As a group, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $16.33, for a total value of $130,640.00. Following the completion of the transaction, the insider now owns 123,942 shares of the company’s stock, valued at approximately $2,023,972.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CGEM. HC Wainwright restated a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a report on Monday, September 16th. William Blair restated an “outperform” rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. Finally, Wedbush restated an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cullinan Therapeutics presently has an average rating of “Buy” and an average target price of $32.00.

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.