Algert Global LLC Purchases 178,138 Shares of Cullinan Therapeutics, Inc. $CGEM

Key Points

• Algert Global LLC significantly increased its holdings in Cullinan Therapeutics, boosting its position by 411.5% after acquiring additional shares, now totaling 221,430 shares worth approximately $1.68 million.
• Shares of Cullinan Therapeutics are currently trading at $7.67, reflecting a 2.7% increase, and the company has a market cap of about $453.07 million.
• Despite missing earnings expectations with a reported EPS of -$1.07, analysts maintain a positive outlook, with an average rating of "Buy" and a target price of $26.80 for the stock.

Algert Global LLC lifted its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 411.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 221,430 shares of the company's stock after acquiring an additional 178,138 shares during the quarter. Algert Global LLC owned 0.38% of Cullinan Therapeutics worth $1,676,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CGEM. GAMMA Investing LLC boosted its holdings in Cullinan Therapeutics by 1,214.8% during the 1st quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock valued at $53,000 after acquiring an additional 6,463 shares during the period. Virtus ETF Advisers LLC boosted its holdings in Cullinan Therapeutics by 37.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock valued at $71,000 after acquiring an additional 1,600 shares during the period. Aquatic Capital Management LLC purchased a new stake in Cullinan Therapeutics during the 4th quarter valued at about $77,000. Tower Research Capital LLC TRC boosted its holdings in Cullinan Therapeutics by 411.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,800 shares of the company's stock valued at $107,000 after acquiring an additional 7,079 shares during the period. Finally, Exchange Traded Concepts LLC boosted its holdings in Cullinan Therapeutics by 42.6% during the 1st quarter. Exchange Traded Concepts LLC now owns 14,107 shares of the company's stock valued at $107,000 after acquiring an additional 4,216 shares during the period. 86.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CGEM shares. Stifel Nicolaus started coverage on Cullinan Therapeutics in a report on Wednesday, June 11th. They set a "buy" rating and a $22.00 target price for the company. UBS Group dropped their target price on Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating for the company in a report on Monday, May 12th. HC Wainwright started coverage on Cullinan Therapeutics in a report on Thursday, August 21st. They set a "buy" rating and a $24.00 target price for the company. Finally, Morgan Stanley dropped their target price on 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 MarketBeat, Cullinan Therapeutics presently has a consensus rating of "Buy" and an average target price of $26.80.

Cullinan Therapeutics Trading Up 3.8%

NASDAQ CGEM traded up $0.29 on Wednesday, hitting $7.93. The company's stock had a trading volume of 414,501 shares, compared to its average volume of 397,930. Cullinan Therapeutics, Inc. has a 52-week low of $6.85 and a 52-week high of $19.89. The company's 50-day simple moving average is $7.76 and its 200 day simple moving average is $8.13. The firm has a market cap of $468.43 million, a P/E ratio of -2.46 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) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.24). On average, research analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

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.