Braidwell LP Sells 195,400 Shares of Cullinan Therapeutics, Inc. $CGEM

Key Points

• Braidwell LP reduced its stake in Cullinan Therapeutics, Inc. by 16.6% during the first quarter, leaving it with approximately 1.66% ownership valued at $7.42 million.
• Several institutional investors increased their stakes in Cullinan, with GAMMA Investing LLC growing its position by 1,214.8% in the first quarter.
• Analysts have a generally positive outlook, with an average price target of $26.80 and several firms rating the stock as a "buy."

Braidwell LP lessened its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 16.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 980,773 shares of the company's stock after selling 195,400 shares during the period. Braidwell LP owned 1.66% of Cullinan Therapeutics worth $7,424,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of CGEM. Orbimed Advisors LLC raised its position in Cullinan Therapeutics by 81.5% in the 4th quarter. Orbimed Advisors LLC now owns 1,942,555 shares of the company's stock worth $23,660,000 after purchasing an additional 872,500 shares during the last quarter. Dimensional Fund Advisors LP raised its position in 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 last quarter. Nuveen LLC bought a new position in Cullinan Therapeutics in the 1st quarter worth approximately $1,423,000. Algert Global LLC raised its position in Cullinan Therapeutics by 411.5% in the 1st quarter. Algert Global LLC now owns 221,430 shares of the company's stock worth $1,676,000 after purchasing an additional 178,138 shares during the last quarter. Finally, Woodline Partners LP acquired a new stake in Cullinan Therapeutics during the 4th quarter worth $2,038,000. Institutional investors own 86.31% of the company's stock.

Cullinan Therapeutics Stock Performance

NASDAQ CGEM traded down $0.81 on Thursday, reaching $6.91. The company had a trading volume of 1,449,371 shares, compared to its average volume of 425,084. The firm has a market capitalization of $408.20 million, a price-to-earnings ratio of -2.14 and a beta of -0.08. Cullinan Therapeutics, Inc. has a 1-year low of $6.61 and a 1-year high of $19.66. The company's fifty day moving average is $7.73 and its 200-day moving average is $8.06.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.24). On average, research analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CGEM shares. HC Wainwright started coverage on shares of Cullinan Therapeutics in a report on Thursday, August 21st. They set a "buy" rating and a $24.00 target price for the company. UBS Group lowered their target price on shares of Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating for the company in a report on Monday, May 12th. Stifel Nicolaus started coverage on shares of Cullinan Therapeutics in a report on Wednesday, June 11th. They set a "buy" rating and a $22.00 target price for the company. Finally, Morgan Stanley lowered their target price on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating for the company in a report on Monday, August 18th. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of "Buy" and an average price target of $26.80.

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.