Orbimed Advisors LLC Buys 872,500 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Orbimed Advisors LLC grew its holdings in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 81.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,942,555 shares of the company's stock after acquiring an additional 872,500 shares during the period. Orbimed Advisors LLC owned about 3.34% of Cullinan Therapeutics worth $23,660,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of CGEM. Federated Hermes Inc. grew its position in shares of Cullinan Therapeutics by 67.0% during the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock valued at $46,000 after acquiring 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 bought a new position in Cullinan Therapeutics in the 4th quarter worth $77,000. KLP Kapitalforvaltning AS bought a new position in Cullinan Therapeutics in the 4th quarter worth $83,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Cullinan Therapeutics by 411.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,800 shares of the company's stock worth $107,000 after buying an additional 7,079 shares during the period. Institutional investors own 86.31% of the company's stock.

Cullinan Therapeutics Price Performance

Shares of CGEM stock traded up $0.26 during trading hours on Friday, hitting $7.50. The stock had a trading volume of 440,232 shares, compared to its average volume of 585,215. Cullinan Therapeutics, Inc. has a one year low of $6.85 and a one year high of $24.99. The stock's 50-day moving average price is $8.01 and its two-hundred day moving average price is $10.32. The stock has a market capitalization of $442.61 million, a price-to-earnings ratio of -2.64 and a beta of -0.07.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.04. As a group, equities research analysts predict that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Insider Activity at Cullinan Therapeutics

In related 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 value of $41,754.35. Following the completion of the transaction, the insider now owns 174,164 shares of the company's stock, valued at approximately $1,485,618.92. This trade represents a 2.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nadim Ahmed sold 12,529 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 $106,872.37. Following the completion of the transaction, the chief executive officer now directly owns 430,621 shares of the company's stock, valued at approximately $3,673,197.13. The trade was a 2.83% decrease in their position. The disclosure for this sale can be found here. 7.16% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CGEM. UBS Group dropped their target price on shares of Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating for the company in a report on Monday, May 12th. Morgan Stanley reaffirmed an "overweight" rating and issued a $35.00 target price (down previously from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Finally, HC Wainwright reissued a "buy" rating and set a $33.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, April 16th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $32.00.

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.