Cullinan Therapeutics (NASDAQ:CGEM) Major Shareholder Lynx1 Capital Management Lp Purchases 626,043 Shares

Key Points

• Lynx1 Capital Management Lp purchased 626,043 shares of Cullinan Therapeutics at an average price of $6.70, increasing its ownership to 8,271,786 shares, valued at approximately $55.42 million.
• Cullinan Therapeutics' stock recently traded at $7.40, with a market cap of $437.15 million, and it has experienced a 1-year share price range between $5.68 and $17.98.
• The company reported a quarterly EPS of ($1.07), missing analyst estimates, and is projected to have an EPS of -3.04 for the current year.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) major shareholder Lynx1 Capital Management Lp acquired 626,043 shares of the firm's stock in a transaction dated Thursday, October 9th. The shares were purchased at an average cost of $6.70 per share, for a total transaction of $4,194,488.10. Following the completion of the acquisition, the insider directly owned 8,271,786 shares in the company, valued at approximately $55,420,966.20. This represents a 8.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

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

• On Friday, October 10th, Lynx1 Capital Management Lp purchased 277,298 shares of Cullinan Therapeutics stock. The shares were bought at an average price of $7.36 per share, for a total transaction of $2,040,913.28.
• On Wednesday, October 8th, Lynx1 Capital Management Lp bought 556,300 shares of Cullinan Therapeutics stock. The stock was acquired at an average price of $6.46 per share, for a total transaction of $3,593,698.00.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock traded up $0.35 during trading hours on Friday, hitting $7.40. The company had a trading volume of 1,621,935 shares, compared to its average volume of 512,681. Cullinan Therapeutics, Inc. has a 1 year low of $5.68 and a 1 year high of $17.98. The company has a 50-day moving average price of $6.93 and a two-hundred day moving average price of $7.62. The firm has a market cap of $437.15 million, a P/E ratio of -2.29 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.24). As a group, equities research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of large investors have recently modified their holdings of CGEM. Brooklyn Investment Group purchased a new position in Cullinan Therapeutics in the 1st quarter valued at approximately $34,000. GAMMA Investing LLC increased its stake in Cullinan Therapeutics by 1,214.8% in the 1st quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock valued at $53,000 after purchasing an additional 6,463 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Cullinan Therapeutics by 44.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company's stock valued at $62,000 after purchasing an additional 2,523 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Cullinan Therapeutics in the 2nd quarter valued at approximately $84,000. Finally, Massar Capital Management LP purchased a new position in Cullinan Therapeutics in the 2nd quarter valued at approximately $101,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.

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