Moore Capital Management LP Raises Stock Position in Cullinan Therapeutics, Inc. $CGEM

Key Points

• Moore Capital Management increased its Cullinan Therapeutics stake by 79.3% in the second quarter to 189,946 shares, worth approximately $3.46 million. Institutional investors now own 86.31% of the company.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $32.86; targets range from $30 to $42, despite some sell ratings.
• CGEM recently traded at $22.07, near its 52-week high of $23.19, while the company reported a quarterly loss of $0.81 per share, slightly missing expectations of a $0.80 loss.

Moore Capital Management LP boosted its position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 79.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 189,946 shares of the company's stock after acquiring an additional 83,986 shares during the quarter. Moore Capital Management LP owned 0.30% of Cullinan Therapeutics worth $3,459,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Cullinan Therapeutics in the second quarter worth about $95,289,000. Affinity Asset Advisors LLC increased its holdings in Cullinan Therapeutics by 632.4% in the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company's stock worth $19,997,000 after acquiring an additional 1,668,289 shares in the last quarter. Blue Owl Capital Holdings LP purchased a new stake in Cullinan Therapeutics in the 2nd quarter worth approximately $28,039,000. Lynx1 Capital Management LP raised its stake in Cullinan Therapeutics by 31.0% during the 3rd quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company's stock worth $34,193,000 after acquiring an additional 1,365,248 shares during the period. Finally, Boothbay Fund Management LLC purchased a new position in Cullinan Therapeutics during the fourth quarter valued at approximately $12,803,000. 86.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CGEM shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. HC Wainwright restated a "buy" rating and set a $30.00 target price on shares of Cullinan Therapeutics in a research note on Monday, August 17th. Wall Street Zen downgraded shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. TD Cowen upgraded Cullinan Therapeutics to a "strong-buy" rating in a research note on Monday, August 24th. Finally, Wedbush raised their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Thursday, August 13th. One 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.86.

Cullinan Therapeutics Stock Performance

CGEM stock opened at $22.07 on Tuesday. The company's fifty day moving average price is $18.78 and its 200-day moving average price is $15.85. Cullinan Therapeutics, Inc. has a one year low of $5.68 and a one year high of $23.19. The company has a market capitalization of $1.42 billion, a PE ratio of -7.12 and a beta of 0.01.

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

Insider Activity

In related news, insider Jennifer Michaelson sold 30,000 shares of the business's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $20.26, for a total value of $607,800.00. Following the sale, the insider directly owned 162,844 shares in the company, valued at approximately $3,299,219.44. The trade was a 15.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.60% of the company's stock.

Cullinan Therapeutics Company 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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