Bank of America Corp DE Sells 254,523 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Bank of America Corp DE decreased its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 62.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 155,270 shares of the company's stock after selling 254,523 shares during the quarter. Bank of America Corp DE owned about 0.27% of Cullinan Therapeutics worth $1,891,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CGEM. Boxer Capital Management LLC purchased a new position in shares of Cullinan Therapeutics in the 4th quarter worth approximately $11,058,000. Lynx1 Capital Management LP boosted its holdings in shares of Cullinan Therapeutics by 206.2% in the 4th quarter. Lynx1 Capital Management LP now owns 1,257,795 shares of the company's stock worth $15,320,000 after purchasing an additional 846,965 shares during the period. Foresite Capital Management VI LLC purchased a new position in shares of Cullinan Therapeutics in the 4th quarter worth approximately $7,729,000. Blue Owl Capital Holdings LP boosted its holdings in shares of Cullinan Therapeutics by 17.9% in the 4th quarter. Blue Owl Capital Holdings LP now owns 2,370,972 shares of the company's stock worth $28,878,000 after purchasing an additional 360,000 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Cullinan Therapeutics by 28.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,318,372 shares of the company's stock worth $16,058,000 after purchasing an additional 295,467 shares during the period. Hedge funds and other institutional investors own 86.31% of the company's stock.

Cullinan Therapeutics Stock Up 3.9%

CGEM traded up $0.34 during trading hours on Friday, reaching $9.08. 370,550 shares of the company's stock traded hands, compared to its average volume of 571,933. The firm has a 50-day moving average price of $7.96 and a 200 day moving average price of $9.62. Cullinan Therapeutics, Inc. has a 52-week low of $6.85 and a 52-week high of $24.76. The firm has a market capitalization of $535.86 million, a PE ratio of -3.20 and a beta of -0.04.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.78) by $0.04. Equities analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CGEM shares. Morgan Stanley reiterated an "overweight" rating and issued a $35.00 target price (down previously from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. HC Wainwright restated a "buy" rating and set a $33.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, April 16th. Finally, UBS Group dropped their price objective on Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating for the company in a report on Monday, May 12th.

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.