Corient Private Wealth LP Takes $970,000 Position in Cullinan Therapeutics, Inc. $CGEM

Key Points

• Corient Private Wealth LP initiated a 53,282-share position in Cullinan Therapeutics valued at approximately $970,000, while institutional investors collectively own 86.31% of the company.
• Insider Jennifer Michaelson sold 30,000 shares for $607,800, reducing her position by 15.56%; insiders retain an 8.60% ownership stake.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $32.86 versus the stock’s reported $22.09 price, despite the company narrowly missing quarterly EPS estimates.

Corient Private Wealth LP bought a new stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 53,282 shares of the company's stock, valued at approximately $970,000. Corient Private Wealth LP owned approximately 0.08% of Cullinan Therapeutics at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cullinan Therapeutics by 1.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company's stock valued at $497,000 after purchasing an additional 888 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake 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 worth $28,000 after purchasing an additional 1,036 shares in the last quarter. AlphaCentric Advisors LLC boosted its position in shares of Cullinan Therapeutics by 5.7% in the first quarter. AlphaCentric Advisors LLC now owns 20,135 shares of the company's stock worth $286,000 after buying an additional 1,094 shares during the period. Kennedy Capital Management LLC boosted its position in shares of Cullinan Therapeutics by 2.7% in the fourth quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company's stock worth $489,000 after buying an additional 1,255 shares during the period. Finally, CWM LLC grew its stake in shares of Cullinan Therapeutics by 51.5% in the fourth 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. 86.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Jennifer Michaelson sold 30,000 shares of the stock in a transaction that occurred on 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 transaction, the insider directly owned 162,844 shares in the company, valued at approximately $3,299,219.44. This represents a 15.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 8.60% of the stock is currently owned by insiders.

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM opened at $22.09 on Friday. Cullinan Therapeutics, Inc. has a one year low of $5.68 and a one year high of $23.19. The business's 50-day simple moving average is $19.11 and its 200 day simple moving average is $16.11. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -7.13 and a beta of 0.02.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). On average, equities research analysts predict that Cullinan Therapeutics, Inc. will post -3.08 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on CGEM. HC Wainwright reissued a "buy" rating and set a $30.00 price target on shares of Cullinan Therapeutics in a research report on Monday, August 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. TD Cowen upgraded shares of Cullinan Therapeutics to a "strong-buy" rating in a research note on Monday, August 24th. Wall Street Zen upgraded shares of Cullinan Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, BTIG Research boosted their target price on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. One equities 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 company. Based on data from 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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