Bank of America Corp DE Acquires 170,417 Shares of Cullinan Therapeutics, Inc. $CGEM

Key Points

• Bank of America increased its Cullinan Therapeutics stake by 49.2% in the first quarter, acquiring 170,417 shares for a total of 516,724 shares valued at approximately $7.34 million.
• Institutional ownership remains high at 86.31%, with Lynx1 Capital, State Street, and Affinity Asset Advisors also significantly increasing their positions.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating and a $32.86 target price. CGEM recently traded near its 52-week high at $22.95, despite reporting a quarterly EPS loss of $0.81 that narrowly missed estimates.

Bank of America Corp DE lifted its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 49.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 516,724 shares of the company's stock after purchasing an additional 170,417 shares during the period. Bank of America Corp DE owned 0.84% of Cullinan Therapeutics worth $7,343,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Lynx1 Capital Management LP increased its holdings in Cullinan Therapeutics by 31.0% in the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company's stock worth $34,193,000 after acquiring an additional 1,365,248 shares in the last quarter. State Street Corp boosted its position in shares of Cullinan Therapeutics by 31.0% in the fourth quarter. State Street Corp now owns 2,197,338 shares of the company's stock worth $22,742,000 after purchasing an additional 520,024 shares during the period. Affinity Asset Advisors LLC increased its stake in shares of Cullinan Therapeutics by 632.4% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company's stock worth $19,997,000 after purchasing an additional 1,668,289 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Cullinan Therapeutics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,302,262 shares of the company's stock worth $13,481,000 after purchasing an additional 6,942 shares in the last quarter. Finally, Boothbay Fund Management LLC bought a new stake in shares of Cullinan Therapeutics during the 4th quarter valued at $12,803,000. 86.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. TD Cowen upgraded shares of Cullinan Therapeutics to a "strong-buy" rating in a research note on Monday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. Wall Street Zen cut Cullinan Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. HC Wainwright restated a "buy" rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, August 17th. Finally, BTIG Research boosted their price objective on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.86.

Cullinan Therapeutics Stock Performance

CGEM opened at $22.95 on Wednesday. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -7.40 and a beta of 0.01. The company has a fifty day moving average of $18.24 and a 200 day moving average of $15.56. Cullinan Therapeutics, Inc. has a fifty-two week low of $5.68 and a fifty-two week high of $23.06.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings results 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, equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.07 earnings per share for the current year.

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $20.26, for a total value of $607,800.00. Following the sale, the insider directly owned 162,844 shares of the company's stock, valued at approximately $3,299,219.44. The trade was a 15.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.60% of the stock is currently owned by insiders.

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.

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.