Ameriprise Financial Inc. Raises Position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Ameriprise Financial Inc. lifted its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 20.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 504,264 shares of the company's stock after buying an additional 86,756 shares during the quarter. Ameriprise Financial Inc. owned 0.87% of Cullinan Therapeutics worth $6,142,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. China Universal Asset Management Co. Ltd. boosted its position in Cullinan Therapeutics by 10.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company's stock worth $150,000 after purchasing an additional 1,195 shares in the last quarter. Invesco Ltd. boosted its position in Cullinan Therapeutics by 2.4% during the fourth quarter. Invesco Ltd. now owns 59,553 shares of the company's stock worth $725,000 after purchasing an additional 1,395 shares in the last quarter. Federated Hermes Inc. boosted its position in Cullinan Therapeutics by 67.0% during the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock worth $46,000 after purchasing an additional 1,525 shares in the last quarter. Virtus ETF Advisers LLC boosted its position in Cullinan Therapeutics by 37.8% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock worth $71,000 after purchasing an additional 1,600 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its position in Cullinan Therapeutics by 7.4% during the fourth quarter. MetLife Investment Management LLC now owns 32,058 shares of the company's stock worth $390,000 after purchasing an additional 2,217 shares in 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 topic of a number of research analyst reports. UBS Group decreased their target price on Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Morgan Stanley reissued an "overweight" rating and issued a $35.00 price target (down from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Finally, HC Wainwright reissued a "buy" rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, April 16th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $32.00.

Cullinan Therapeutics Trading Up 10.7%

Shares of NASDAQ CGEM traded up $0.84 during trading on Thursday, reaching $8.68. The company had a trading volume of 609,686 shares, compared to its average volume of 576,184. Cullinan Therapeutics, Inc. has a twelve month low of $6.85 and a twelve month high of $24.76. The stock has a market capitalization of $512.25 million, a PE ratio of -3.06 and a beta of -0.07. The stock has a 50-day moving average price of $7.85 and a two-hundred day moving average price of $9.86.

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

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.