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

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Tema Etfs LLC increased its stake in shares of Cullinan Therapeutics by 37.7% in the first quarter. Tema Etfs LLC now owns 39,164 shares of the company's stock worth $296,000 after purchasing an additional 10,731 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of Cullinan Therapeutics in the first quarter worth $518,000. AlphaQuest LLC purchased a new stake in shares of Cullinan Therapeutics in the first quarter worth $190,000. EntryPoint Capital LLC increased its stake in shares of Cullinan Therapeutics by 65.0% in the first quarter. EntryPoint Capital LLC now owns 24,190 shares of the company's stock worth $183,000 after purchasing an additional 9,533 shares in the last quarter. Finally, Voss Capital LP increased its stake in shares of Cullinan Therapeutics by 43.0% in the first quarter. Voss Capital LP now owns 175,000 shares of the company's stock worth $1,325,000 after purchasing an additional 52,639 shares in the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Stock Performance

CGEM stock traded up $0.08 during trading on Friday, hitting $6.99. 741,007 shares of the company's stock traded hands, compared to its average volume of 419,350. Cullinan Therapeutics, Inc. has a 52 week low of $6.61 and a 52 week high of $18.62. The business has a fifty day simple moving average of $7.70 and a 200 day simple moving average of $8.02. The stock has a market capitalization of $412.90 million, a price-to-earnings ratio of -2.16 and a beta of -0.08.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) EPS for the quarter, missing the consensus estimate of ($0.83) by ($0.24). Research analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CGEM has been the subject of a number of analyst reports. HC Wainwright initiated coverage on shares of Cullinan Therapeutics in a research note on Thursday, August 21st. They issued a "buy" rating and a $24.00 price objective for the company. Stifel Nicolaus assumed coverage on shares of Cullinan Therapeutics in a research note on Wednesday, June 11th. They issued a "buy" rating and a $22.00 price objective for the company. UBS Group cut their target price on shares of Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, Morgan Stanley cut their target price on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating for the company in a research note on Monday, August 18th. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $26.80.

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.