Boone Capital Management LLC Makes New Investment in Cullinan Therapeutics, Inc. $CGEM

Boone Capital Management LLC bought a new stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 704,442 shares of the company's stock, valued at approximately $12,828,000. Cullinan Therapeutics comprises approximately 3.0% of Boone Capital Management LLC's investment portfolio, making the stock its 15th biggest position. Boone Capital Management LLC owned 1.09% of Cullinan Therapeutics as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Jupiter Topco LLC bought a new stake in shares of Cullinan Therapeutics during the second quarter worth about $337,000. Elmind Capital LP acquired a new stake in Cullinan Therapeutics during the 2nd quarter worth approximately $12,564,900,000. Legal & General Group Plc acquired a new stake in Cullinan Therapeutics during the 2nd quarter worth approximately $500,000. The Manufacturers Life Insurance Company acquired a new stake in Cullinan Therapeutics during the 2nd quarter worth approximately $1,397,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cullinan Therapeutics during the 2nd quarter worth approximately $5,326,000. 86.31% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the sale, the insider directly owned 162,844 shares in the company, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 8.60% of the company's stock.

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM opened at $22.85 on Thursday. Cullinan Therapeutics, Inc. has a 52 week low of $5.68 and a 52 week high of $23.19. The firm's fifty day moving average is $18.40 and its 200-day moving average is $15.64. The firm has a market cap of $1.47 billion, a P/E ratio of -7.37 and a beta of 0.01.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). As a group, sell-side analysts anticipate that Cullinan Therapeutics, Inc. will post -3.07 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CGEM. TD Cowen raised shares of Cullinan Therapeutics to a "strong-buy" rating in a research note on Monday. Wall Street Zen downgraded Cullinan Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Wedbush raised their target price on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Thursday, August 13th. BTIG Research lifted their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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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