SG Americas Securities LLC Sells 70,115 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

SG Americas Securities LLC reduced its position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 82.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,057 shares of the company’s stock after selling 70,115 shares during the period. SG Americas Securities LLC’s holdings in Cullinan Therapeutics were worth $252,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Deerfield Management Company L.P. Series C lifted its position in shares of Cullinan Therapeutics by 188.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock valued at $57,207,000 after purchasing an additional 2,141,706 shares in the last quarter. Marshall Wace LLP raised its position in 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 acquiring an additional 1,136,993 shares during the period. Perceptive Advisors LLC bought a new stake in Cullinan Therapeutics in the second quarter worth about $13,079,000. Renaissance Technologies LLC raised its position in Cullinan Therapeutics by 31.3% in the second quarter. Renaissance Technologies LLC now owns 421,708 shares of the company’s stock worth $7,355,000 after acquiring an additional 100,608 shares during the period. Finally, Lynx1 Capital Management LP bought a new stake in Cullinan Therapeutics in the second quarter worth about $6,581,000. 86.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CGEM has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Wedbush reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $32.00.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total transaction of $144,720.00. Following the completion of the transaction, the insider now owns 115,942 shares of the company’s stock, valued at approximately $2,097,390.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.07% of the company’s stock.

Cullinan Therapeutics Stock Down 3.4 %

CGEM opened at $16.20 on Tuesday. The company has a market capitalization of $933.67 million, a price-to-earnings ratio of -5.18 and a beta of -0.13. The firm has a 50-day moving average price of $17.34 and a 200-day moving average price of $19.23. Cullinan Therapeutics, Inc. has a twelve month low of $7.64 and a twelve month high of $30.19.

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). On average, sell-side analysts expect that Cullinan Therapeutics, Inc. will post -3.2 earnings per share for the current fiscal 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.