BlackRock Inc. Makes New Investment in Cullinan Therapeutics, Inc. $CGEM

Key Points

• BlackRock initiated a major position in Cullinan Therapeutics, purchasing 5.23 million shares worth approximately $95.3 million, or 8.51% of the company. Institutional investors collectively own 86.31% of CGEM.
• Cullinan shares opened at $21.70 after recently trading down 4%; the company reported a quarterly loss of $0.81 per share, narrowly missing analyst expectations of a $0.80 loss.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $32.86, although one insider recently sold 30,000 shares and some firms maintain sell ratings.

BlackRock Inc. bought a new position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,232,766 shares of the company's stock, valued at approximately $95,289,000. BlackRock Inc. owned 8.51% of Cullinan Therapeutics at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Cullinan Therapeutics by 62.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock valued at $28,000 after purchasing an additional 1,036 shares during the last quarter. Seven Fleet Capital Management LP purchased a new stake in shares of Cullinan Therapeutics in the 4th quarter worth approximately $31,000. CWM LLC increased its position in Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company's stock valued at $40,000 after buying an additional 1,318 shares in the last quarter. Royal Bank of Canada increased its position in Cullinan Therapeutics by 160.6% during the 1st quarter. Royal Bank of Canada now owns 4,044 shares of the company's stock valued at $58,000 after buying an additional 2,492 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company's stock valued at $62,000 after buying an additional 2,523 shares during the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Trading Down 4.0%

Cullinan Therapeutics stock opened at $21.70 on Friday. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -7.00 and a beta of 0.01. The stock has a fifty day simple moving average of $18.69 and a two-hundred day simple moving average of $15.75. Cullinan Therapeutics, Inc. has a 12 month low of $5.68 and a 12 month high of $23.19.

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 -3.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the business's 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 completion of the transaction, the insider 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.60% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Wedbush increased their target price on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Thursday, August 13th. TD Cowen raised Cullinan Therapeutics to a "strong-buy" rating in a research report on Monday, August 24th. BTIG Research upped their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Finally, Wall Street Zen lowered shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. One research 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $32.86.

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.

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