Boxer Capital Management LLC Buys New Stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Boxer Capital Management LLC bought a new stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 907,895 shares of the company's stock, valued at approximately $11,058,000. Boxer Capital Management LLC owned about 1.56% of Cullinan Therapeutics at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Harbor Capital Advisors Inc. grew its stake in shares of Cullinan Therapeutics by 43.9% in the 4th quarter. Harbor Capital Advisors Inc. now owns 30,747 shares of the company's stock valued at $374,000 after purchasing an additional 9,385 shares during the last quarter. JPMorgan Chase & Co. grew its position in Cullinan Therapeutics by 25.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company's stock valued at $487,000 after buying an additional 5,842 shares during the last quarter. Barclays PLC increased its stake in Cullinan Therapeutics by 26.0% in the 3rd quarter. Barclays PLC now owns 248,614 shares of the company's stock valued at $4,161,000 after buying an additional 51,300 shares during the period. New York State Common Retirement Fund raised its position in Cullinan Therapeutics by 32.9% during the 4th quarter. New York State Common Retirement Fund now owns 12,918 shares of the company's stock worth $157,000 after buying an additional 3,200 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Cullinan Therapeutics by 8.5% in the 4th quarter. Rhumbline Advisers now owns 68,208 shares of the company's stock worth $831,000 after acquiring an additional 5,348 shares during the period. Hedge funds and other institutional investors own 86.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CGEM. HC Wainwright restated a "buy" rating and issued a $33.00 price objective 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 previously 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 company presently has a consensus rating of "Buy" and a consensus price target of $33.50.

Cullinan Therapeutics Stock Down 5.9 %

Shares of CGEM traded down $0.52 on Monday, reaching $8.27. The stock had a trading volume of 461,286 shares, compared to its average volume of 595,696. The firm has a 50-day moving average of $8.16 and a 200 day moving average of $10.88. The firm has a market capitalization of $488.05 million, a PE ratio of -2.91 and a beta of -0.07. Cullinan Therapeutics, Inc. has a twelve month low of $6.85 and a twelve month high of $30.19.

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

Insider Activity

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

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.