Fmr LLC Purchases 19,681 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Fmr LLC grew its stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 2,898.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,360 shares of the company’s stock after acquiring an additional 19,681 shares during the quarter. Fmr LLC’s holdings in Cullinan Therapeutics were worth $341,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Deerfield Management Company L.P. Series C grew its holdings in shares of Cullinan Therapeutics by 188.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after acquiring an additional 2,141,706 shares during the period. Marshall Wace LLP increased its stake in Cullinan Therapeutics by 2,416.9% in the 2nd 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 last quarter. Perceptive Advisors LLC purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter worth $13,079,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Cullinan Therapeutics by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company’s stock valued at $7,097,000 after purchasing an additional 53,328 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Cullinan Therapeutics by 31.3% in the second quarter. Renaissance Technologies LLC now owns 421,708 shares of the company’s stock valued at $7,355,000 after acquiring an additional 100,608 shares during the period. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Performance

CGEM opened at $10.95 on Friday. The stock has a market capitalization of $637.60 million, a price-to-earnings ratio of -3.86 and a beta of -0.18. Cullinan Therapeutics, Inc. has a fifty-two week low of $8.49 and a fifty-two week high of $30.19. The company has a fifty day moving average of $14.38 and a two-hundred day moving average of $16.76.

Cullinan Therapeutics (NASDAQ:CGEM) last issued 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 forecast that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, insider Jennifer Michaelson sold 3,489 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $12.52, for a total transaction of $43,682.28. Following the completion of the sale, the insider now directly owns 104,453 shares of the company’s stock, valued at approximately $1,307,751.56. This trade represents a 3.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.07% of the stock is currently owned by corporate insiders.

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.