Elmind Capital LP Increases Stake in Cullinan Therapeutics, Inc. $CGEM

Key Points

• Elmind Capital LP increased its Cullinan Therapeutics stake by 71% in the first quarter, purchasing 220,000 additional shares to own 530,000 shares worth approximately $7.5 million.
• Institutional investors own 86.31% of CGEM, while company insider Jennifer Michaelson recently sold 8,000 shares for $142,560.
• CGEM was trading at $17.43, and analysts maintain a “Moderate Buy” consensus with an average price target of $32.00; the company also exceeded quarterly earnings expectations.

Elmind Capital LP increased its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 71.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 530,000 shares of the company's stock after acquiring an additional 220,000 shares during the period. Cullinan Therapeutics makes up 2.1% of Elmind Capital LP's investment portfolio, making the stock its 15th largest position. Elmind Capital LP owned about 0.86% of Cullinan Therapeutics worth $7,531,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd grew its stake in shares of Cullinan Therapeutics by 62.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock valued at $28,000 after buying an additional 1,036 shares during the period. Seven Fleet Capital Management LP acquired a new position in Cullinan Therapeutics in the fourth quarter valued at $31,000. CWM LLC boosted its holdings in 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 acquiring an additional 1,318 shares during the last quarter. Signaturefd LLC grew its position in Cullinan Therapeutics by 689.7% during the fourth quarter. Signaturefd LLC now owns 4,130 shares of the company's stock valued at $43,000 after acquiring an additional 3,607 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company's stock worth $62,000 after acquiring an additional 2,523 shares during the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $17.82, for a total transaction of $142,560.00. Following the completion of the transaction, the insider directly owned 162,844 shares of the company's stock, valued at approximately $2,901,880.08. This trade represents a 4.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.60% of the stock is owned by company insiders.

Cullinan Therapeutics Trading Up 1.9%

NASDAQ CGEM opened at $17.43 on Tuesday. The stock has a market cap of $1.07 billion, a P/E ratio of -5.19 and a beta of -0.01. The company's fifty day simple moving average is $16.14 and its 200-day simple moving average is $14.42. Cullinan Therapeutics, Inc. has a 52 week low of $5.68 and a 52 week high of $19.43.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.75) earnings per share for the quarter, beating the consensus estimate of ($0.84) by $0.09. On average, research analysts expect that Cullinan Therapeutics, Inc. will post -3.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CGEM. BTIG Research reissued a "buy" rating and issued a $38.00 price objective on shares of Cullinan Therapeutics in a research report on Tuesday, May 19th. Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Wall Street Zen raised shares of Cullinan Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, June 14th. HC Wainwright reiterated a "buy" rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a report on Monday, June 8th. Finally, Wedbush reissued an "outperform" rating and issued a $37.00 price objective on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Cullinan Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $32.00.

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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