171,031 Shares in Cullinan Therapeutics, Inc. $CGEM Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 171,031 Cullinan Therapeutics shares worth approximately $3.1 million, giving it a 0.28% stake. Institutional investors collectively own 86.31% of CGEM.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $32.86, despite ratings ranging from sell to strong buy.
• CGEM opened at $22.09, near its one-year high of $23.19. The company reported a quarterly loss of $0.81 per share, slightly missing the $0.80 consensus estimate, while an insider separately sold 30,000 shares for about $607,800.

Bank of New York Mellon Corp acquired a new stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 171,031 shares of the company's stock, valued at approximately $3,114,000. Bank of New York Mellon Corp owned 0.28% of Cullinan Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd raised its holdings in shares of Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock valued at $28,000 after acquiring an additional 1,036 shares in the last quarter. Seven Fleet Capital Management LP purchased a new position in shares of Cullinan Therapeutics during the fourth quarter worth about $31,000. CWM LLC grew its holdings in shares of Cullinan Therapeutics by 51.5% during the fourth quarter. CWM LLC now owns 3,876 shares of the company's stock worth $40,000 after purchasing an additional 1,318 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Cullinan Therapeutics by 160.6% during the first quarter. Royal Bank of Canada now owns 4,044 shares of the company's stock worth $58,000 after purchasing an additional 2,492 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Cullinan Therapeutics by 44.6% in the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company's stock worth $62,000 after purchasing an additional 2,523 shares during the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CGEM has been the subject of several research analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. BTIG Research increased their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of Cullinan Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday. HC Wainwright reaffirmed a "buy" rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a report on Monday, August 17th. Finally, TD Cowen upgraded shares of Cullinan Therapeutics to a "strong-buy" rating in a research report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $32.86.

Insider Activity

In other news, insider Jennifer Michaelson sold 30,000 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the transaction, the insider directly owned 162,844 shares of the company's stock, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.60% of the company's stock.

Cullinan Therapeutics Stock Performance

CGEM stock opened at $22.09 on Monday. The company has a market capitalization of $1.42 billion, a PE ratio of -7.13 and a beta of 0.02. Cullinan Therapeutics, Inc. has a one year low of $5.68 and a one year high of $23.19. The company's 50 day moving average price is $19.11 and its two-hundred day moving average price is $16.14.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). On average, research analysts predict that Cullinan Therapeutics, Inc. will post -3.08 EPS for the current year.

Cullinan Therapeutics 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.

Want to see what other hedge funds are holding CGEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.