Algert Global LLC Sells 72,880 Shares of Cullinan Therapeutics, Inc. $CGEM

Key Points

• Algert Global cut its Cullinan Therapeutics position by 66.4% in the second quarter, selling 72,880 shares and retaining 36,851 shares worth approximately $671,000. Institutional investors collectively own 86.31% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $32.86. Price targets range from $30 to $42, although two research firms have issued sell ratings.
• CGEM opened at $21.70, near its 52-week high of $23.19, but reported a quarterly loss of $0.81 per share, narrowly missing estimates. An insider also sold 30,000 shares for approximately $607,800.

Algert Global LLC decreased its position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 66.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 36,851 shares of the company's stock after selling 72,880 shares during the period. Algert Global LLC owned about 0.06% of Cullinan Therapeutics worth $671,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd grew its stake in shares of Cullinan Therapeutics by 62.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock worth $28,000 after purchasing an additional 1,036 shares during the last quarter. Seven Fleet Capital Management LP purchased a new position in shares of Cullinan Therapeutics during the fourth quarter valued at approximately $31,000. CWM LLC raised 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 valued at $40,000 after acquiring an additional 1,318 shares in the last quarter. Allworth Financial LP bought a new position in shares of Cullinan Therapeutics during the second quarter valued at approximately $53,000. Finally, Quantbot Technologies LP purchased a new stake in Cullinan Therapeutics in the second quarter worth $53,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CGEM shares. BTIG Research upped their price objective 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 cut shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Weiss Ratings reissued a "sell (d-)" rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. HC Wainwright restated a "buy" rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a report on Monday, August 17th. Finally, Wedbush lifted their price objective on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned 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 company presently has an average rating of "Moderate Buy" and a consensus target price of $32.86.

Cullinan Therapeutics Stock Performance

CGEM stock opened at $21.70 on Monday. The firm has a 50 day moving average price of $18.69 and a 200-day moving average price of $15.78. Cullinan Therapeutics, Inc. has a 52-week low of $5.68 and a 52-week high of $23.19. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -7.00 and a beta of 0.01.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.01). As a group, sell-side analysts forecast that Cullinan Therapeutics, Inc. will post -3.08 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jennifer Michaelson sold 30,000 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $20.26, for a total value of $607,800.00. Following the transaction, the insider owned 162,844 shares in the company, valued at $3,299,219.44. The trade was a 15.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.60% of the stock is currently 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.

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