Foresite Capital Management VI LLC Acquires New Stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Foresite Capital Management VI LLC acquired a new stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 634,558 shares of the company's stock, valued at approximately $7,729,000. Cullinan Therapeutics accounts for approximately 3.4% of Foresite Capital Management VI LLC's portfolio, making the stock its 10th biggest position. Foresite Capital Management VI LLC owned approximately 1.09% of Cullinan Therapeutics at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position in shares of Cullinan Therapeutics by 67.0% in the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock worth $46,000 after purchasing an additional 1,525 shares during the period. Virtus ETF Advisers LLC boosted its holdings in Cullinan Therapeutics by 37.8% in the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock worth $71,000 after buying an additional 1,600 shares during the period. Aquatic Capital Management LLC purchased a new stake in Cullinan Therapeutics in the 4th quarter worth $77,000. KLP Kapitalforvaltning AS purchased a new stake in Cullinan Therapeutics in the 4th quarter worth $83,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Cullinan Therapeutics by 411.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,800 shares of the company's stock valued at $107,000 after acquiring an additional 7,079 shares in the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 12,529 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total value of $106,872.37. Following the completion of the transaction, the chief executive officer now owns 430,621 shares in the company, valued at approximately $3,673,197.13. The trade was a 2.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey Alan Jones sold 4,895 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $41,754.35. Following the transaction, the insider now directly owns 174,164 shares in the company, valued at approximately $1,485,618.92. This represents a 2.73 % decrease in their position. The disclosure for this sale can be found here. 6.07% of the stock is owned by insiders.

Cullinan Therapeutics Stock Performance

Shares of CGEM traded up $0.27 during mid-day trading on Friday, hitting $8.79. 396,781 shares of the stock were exchanged, compared to its average volume of 599,300. The firm has a 50-day moving average of $8.15 and a two-hundred day moving average of $11.02. Cullinan Therapeutics, Inc. has a 52-week low of $6.85 and a 52-week high of $30.19. The company has a market cap of $518.74 million, a PE ratio of -3.10 and a beta of -0.05.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.75) by $0.02. On average, sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. HC Wainwright reiterated a "buy" rating and set a $33.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, April 16th. Morgan Stanley reaffirmed an "overweight" rating and set a $35.00 price objective (down from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $33.50.

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.