Affinity Asset Advisors LLC Decreases Stake in Cullinan Therapeutics, Inc. $CGEM

Key Points

• Affinity Asset Advisors cut its stake in Cullinan Therapeutics by 59.6% in the first quarter, selling more than 1.15 million shares and ending with 781,260 shares valued at about $11.1 million.
• Despite the sale, institutional ownership remains high, with hedge funds and other institutional investors holding about 86.31% of the stock; several firms also recently initiated or increased positions in CGEM.
• Cullinan Therapeutics reported a smaller-than-expected quarterly loss of $0.75 per share, and analysts currently have a Moderate Buy consensus with an average price target of $32.00.

Affinity Asset Advisors LLC reduced its position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 59.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 781,260 shares of the company's stock after selling 1,150,846 shares during the quarter. Affinity Asset Advisors LLC owned about 1.27% of Cullinan Therapeutics worth $11,102,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CGEM. Y Intercept Hong Kong Ltd bought a new position in Cullinan Therapeutics in the 1st quarter valued at $1,356,000. Boothbay Fund Management LLC bought a new position in shares of Cullinan Therapeutics during the 4th quarter worth approximately $12,803,000. UBS Group AG lifted its position in Cullinan Therapeutics by 44.4% during the fourth quarter. UBS Group AG now owns 271,736 shares of the company's stock valued at $2,812,000 after acquiring an additional 83,551 shares during the last quarter. Elmind Capital LP acquired a new stake in Cullinan Therapeutics in the fourth quarter valued at approximately $3,208,000. Finally, Tema Etfs LLC acquired a new position in shares of Cullinan Therapeutics during the fourth quarter worth $383,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Stock Down 1.0%

Shares of CGEM opened at $17.10 on Friday. Cullinan Therapeutics, Inc. has a 52-week low of $5.68 and a 52-week high of $19.43. The company has a 50-day simple moving average of $16.08 and a 200-day simple moving average of $14.34. The company has a market capitalization of $1.05 billion, a PE ratio of -5.09 and a beta of -0.01.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, beating analysts' consensus estimates of ($0.84) by $0.09. On average, research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Monday, July 6th. The shares were sold at an average price of $17.82, for a total value of $142,560.00. Following the transaction, the insider owned 162,844 shares in the company, valued at $2,901,880.08. This trade represents a 4.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 8.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CGEM shares. HC Wainwright reaffirmed a "buy" rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Wall Street Zen raised Cullinan Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, June 14th. Wedbush reaffirmed an "outperform" rating and set a $37.00 target price on shares of Cullinan Therapeutics in a report on Thursday, June 11th. BTIG Research reiterated a "buy" rating and set a $38.00 price objective on shares of Cullinan Therapeutics in a research note on Tuesday, May 19th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price 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.

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