Renaissance Technologies LLC Sells 307,595 Shares of Cullinan Therapeutics, Inc. $CGEM

Key Points

• Renaissance Technologies cut its Cullinan Therapeutics stake by 48.7% in the first quarter, selling 307,595 shares and retaining 324,111 shares worth approximately $4.6 million. Institutional investors collectively own 86.31% of CGEM.
• Analyst sentiment remains broadly positive, with six Buy ratings, one Hold and one Sell, producing a consensus Moderate Buy rating and an average price target of $32.14.
• CGEM opened at $17.95 and recently reported a quarterly loss of $0.81 per share, slightly missing the $0.80 consensus estimate. The company develops oncology therapies, including several early-stage antibody programs and zipalertinib.

Renaissance Technologies LLC lessened its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 48.7% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 324,111 shares of the company's stock after selling 307,595 shares during the period. Renaissance Technologies LLC owned approximately 0.53% of Cullinan Therapeutics worth $4,606,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Cullinan Therapeutics by 1.9% during 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 worth $497,000 after acquiring an additional 888 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock valued at $28,000 after purchasing an additional 1,036 shares during the period. AlphaCentric Advisors LLC grew its stake in Cullinan Therapeutics by 5.7% in the 1st quarter. AlphaCentric Advisors LLC now owns 20,135 shares of the company's stock valued at $286,000 after purchasing an additional 1,094 shares during the period. Kennedy Capital Management LLC increased its position in shares of Cullinan Therapeutics by 2.7% during the 4th quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company's stock valued at $489,000 after purchasing an additional 1,255 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company's stock worth $40,000 after purchasing an additional 1,318 shares during the period. 86.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CGEM shares. Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Wedbush reissued an "outperform" rating and set a $37.00 target price on shares of Cullinan Therapeutics in a research report on Thursday, June 11th. BTIG Research lifted their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. HC Wainwright reissued a "buy" rating and issued a $30.00 target price on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Finally, Wall Street Zen lowered Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $32.14.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $17.82, for a total value of $142,560.00. Following the completion of the transaction, the insider directly owned 162,844 shares of the company's stock, valued at $2,901,880.08. This trade represents a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.60% of the stock is currently owned by corporate insiders.

Cullinan Therapeutics Stock Up 1.9%

CGEM opened at $17.95 on Friday. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -5.34 and a beta of 0.01. The firm has a 50-day moving average price of $16.57 and a 200-day moving average price of $14.78. Cullinan Therapeutics, Inc. has a twelve month low of $5.68 and a twelve month high of $19.43.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced 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, sell-side analysts expect that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current fiscal year.

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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