Deerfield Management Company L.P. Series C Raises Stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Deerfield Management Company L.P. Series C grew its position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 3.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,379,399 shares of the company's stock after purchasing an additional 99,399 shares during the quarter. Deerfield Management Company L.P. Series C owned approximately 5.80% of Cullinan Therapeutics worth $41,161,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Corton Capital Inc. purchased a new position in Cullinan Therapeutics during the fourth quarter valued at $145,000. Cubist Systematic Strategies LLC purchased a new position in Cullinan Therapeutics in the 4th quarter valued at $1,591,000. Brevan Howard Capital Management LP acquired a new stake in shares of Cullinan Therapeutics in the fourth quarter valued at about $179,000. BNP Paribas Financial Markets acquired a new position in Cullinan Therapeutics during the fourth quarter worth about $1,401,000. Finally, Ameriprise Financial Inc. grew its stake in Cullinan Therapeutics by 20.8% during the 4th quarter. Ameriprise Financial Inc. now owns 504,264 shares of the company's stock valued at $6,142,000 after acquiring an additional 86,756 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Cullinan Therapeutics Trading Down 3.5%

CGEM traded down $0.28 on Tuesday, hitting $7.63. The company had a trading volume of 1,045,956 shares, compared to its average volume of 590,142. The company's fifty day moving average price is $8.10 and its 200 day moving average price is $10.53. Cullinan Therapeutics, Inc. has a 1 year low of $6.85 and a 1 year high of $28.11. The firm has a market cap of $450.28 million, a P/E ratio of -2.69 and a beta of -0.07.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share for the quarter, beating analysts' consensus estimates of ($0.78) by $0.04. On average, analysts predict that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CGEM shares. UBS Group lowered their price objective on Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating on the stock in a research note on Monday. Morgan Stanley restated an "overweight" rating and set a $35.00 price objective (down from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. Finally, HC Wainwright reiterated a "buy" rating and issued a $33.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, April 16th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $32.00.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jeffrey Alan Jones sold 4,895 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $41,754.35. Following the sale, the insider now directly owns 174,164 shares of the company's stock, valued at $1,485,618.92. This represents a 2.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nadim Ahmed sold 12,529 shares of the firm's stock in a transaction that occurred on 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 $3,673,197.13. This represents a 2.83% decrease in their position. The disclosure for this sale can be found here. 7.16% of the stock is owned by corporate insiders.

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.