Cullinan Therapeutics (NASDAQ:CGEM) Major Shareholder Buys $3,593,698.00 in Stock

Key Points

• Lynx1 Capital Management Lp has significantly increased its stake in Cullinan Therapeutics by acquiring over $3.5 million worth of shares, bringing their total ownership to 7,645,743 shares.
• The stock has shown a recent price performance with trades hitting $7.40, reflecting a strong trading volume of 1,621,935 shares, significantly higher than its average.
• Analyst ratings for the stock vary, with a consensus rating of "Moderate Buy" and a target price averaging $26.00, indicating differing outlooks on the company's potential growth.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) major shareholder Lynx1 Capital Management Lp acquired 556,300 shares of the company's stock in a transaction that occurred on Wednesday, October 8th. The shares were acquired at an average cost of $6.46 per share, for a total transaction of $3,593,698.00. Following the purchase, the insider directly owned 7,645,743 shares of the company's stock, valued at $49,391,499.78. This represents a 7.85% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Lynx1 Capital Management Lp also recently made the following trade(s):

• On Friday, October 10th, Lynx1 Capital Management Lp acquired 277,298 shares of Cullinan Therapeutics stock. The shares were acquired at an average cost of $7.36 per share, for a total transaction of $2,040,913.28.
• On Thursday, October 9th, Lynx1 Capital Management Lp acquired 626,043 shares of Cullinan Therapeutics stock. The shares were acquired at an average cost of $6.70 per share, for a total transaction of $4,194,488.10.

Cullinan Therapeutics Price Performance

NASDAQ:CGEM traded up $0.35 during mid-day trading on Friday, hitting $7.40. 1,621,935 shares of the company's stock were exchanged, compared to its average volume of 512,681. The business has a fifty day moving average price of $6.93 and a 200 day moving average price of $7.62. The company has a market cap of $437.15 million, a PE ratio of -2.29 and a beta of -0.12. Cullinan Therapeutics, Inc. has a one year low of $5.68 and a one year high of $17.98.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.24). On average, equities analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CGEM. Zacks Research upgraded shares of Cullinan Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 16th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Cullinan Therapeutics in a report on Wednesday. HC Wainwright reaffirmed a "buy" rating and set a $24.00 target price on shares of Cullinan Therapeutics in a report on Friday, September 12th. BTIG Research reaffirmed a "buy" rating and set a $32.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 10th. Finally, Morgan Stanley reduced their target price on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating for the company in a report on Monday, August 18th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cullinan Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $26.00.

Institutional Investors Weigh In On Cullinan Therapeutics

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Cullinan Therapeutics by 3.5% during the first quarter. Vanguard Group Inc. now owns 3,039,731 shares of the company's stock valued at $23,011,000 after buying an additional 103,504 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Cullinan Therapeutics by 0.4% during the 2nd quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company's stock valued at $16,778,000 after acquiring an additional 8,399 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Cullinan Therapeutics by 3.0% in the second quarter. Geode Capital Management LLC now owns 1,279,496 shares of the company's stock valued at $9,636,000 after purchasing an additional 37,679 shares in the last quarter. Bank of America Corp DE increased its position in Cullinan Therapeutics by 26.1% in the second quarter. Bank of America Corp DE now owns 661,285 shares of the company's stock worth $4,979,000 after purchasing an additional 136,900 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Cullinan Therapeutics by 10.3% in the second quarter. Marshall Wace LLP now owns 626,581 shares of the company's stock worth $4,718,000 after purchasing an additional 58,582 shares during the last quarter. 86.31% of the stock is owned by institutional investors.

Cullinan Therapeutics Company 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.

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