Adage Capital Partners GP L.L.C. Sells 325,438 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Adage Capital Partners GP L.L.C. lowered its stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 24.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,030,438 shares of the company's stock after selling 325,438 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 1.77% of Cullinan Therapeutics worth $12,551,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Federated Hermes Inc. increased its holdings in Cullinan Therapeutics by 67.0% in the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock valued at $46,000 after buying an additional 1,525 shares during the period. KLP Kapitalforvaltning AS bought a new position in Cullinan Therapeutics during the fourth quarter worth about $83,000. Tower Research Capital LLC TRC boosted its holdings in Cullinan Therapeutics by 411.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,800 shares of the company's stock valued at $107,000 after purchasing an additional 7,079 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Cullinan Therapeutics in the 4th quarter worth approximately $136,000. Finally, Optimize Financial Inc acquired a new stake in Cullinan Therapeutics in the 4th quarter valued at $143,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on CGEM. HC Wainwright reiterated a "buy" rating and set a $33.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, April 16th. Morgan Stanley restated an "overweight" rating and issued a $35.00 price target (down from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $34.80.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ CGEM traded up $0.38 during trading on Wednesday, reaching $8.28. The company had a trading volume of 358,679 shares, compared to its average volume of 604,051. Cullinan Therapeutics, Inc. has a 52 week low of $6.85 and a 52 week high of $30.19. The business's 50 day moving average price is $8.16 and its 200-day moving average price is $11.07. The stock has a market cap of $488.64 million, a PE ratio of -2.92 and a beta of -0.05.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share for the quarter, topping analysts' consensus estimates of ($0.75) by $0.02. Equities analysts anticipate that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current year.

Insiders Place Their Bets

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

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.