Squarepoint Ops LLC Invests $3.06 Million in Cullinan Therapeutics, Inc. $CGEM

Key Points

• Squarepoint Ops LLC initiated a $3.06 million position in Cullinan Therapeutics during the second quarter, purchasing 168,117 shares and acquiring a 0.26% stake. Institutional investors and hedge funds collectively own 86.31% of the company.
• Cullinan reported a quarterly loss of $0.81 per share, narrowly missing the consensus estimate of a $0.80 loss. An insider also sold 8,000 shares, while insiders have sold 46,000 shares worth approximately $922,920 over the past 90 days.
• Analyst sentiment remains mixed but leans positive: the stock carries a “Moderate Buy” consensus rating with an average price target of $32.86, compared with a recent price of $20.59.

Squarepoint Ops LLC bought a new stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 168,117 shares of the company's stock, valued at approximately $3,061,000. Squarepoint Ops LLC owned 0.26% of Cullinan Therapeutics as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its position in shares of Cullinan Therapeutics by 62.4% in the fourth 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 last quarter. Allworth Financial LP acquired a new stake in Cullinan Therapeutics in the 2nd quarter valued at approximately $53,000. Quantbot Technologies LP bought a new stake in shares of Cullinan Therapeutics in the second quarter valued at approximately $53,000. Seven Fleet Capital Management LP bought a new stake in shares of Cullinan Therapeutics in the fourth quarter valued at approximately $31,000. Finally, Royal Bank of Canada grew its stake in shares of Cullinan Therapeutics by 160.6% in the first quarter. Royal Bank of Canada now owns 4,044 shares of the company's stock worth $58,000 after acquiring an additional 2,492 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company's stock.

Insider Buying and Selling at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $21.57, for a total transaction of $172,560.00. Following the completion of the sale, the insider owned 158,844 shares in the company, valued at $3,426,265.08. This trade represents a 4.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 46,000 shares of company stock valued at $922,920. 8.60% of the stock is currently owned by corporate insiders.

Cullinan Therapeutics Stock Performance

CGEM stock opened at $20.59 on Monday. Cullinan Therapeutics, Inc. has a 1-year low of $5.68 and a 1-year high of $23.19. The firm has a market cap of $1.33 billion, a P/E ratio of -6.64 and a beta of 0.02. The business's 50 day moving average is $19.46 and its 200-day moving average is $16.43.

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

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wall Street Zen lowered shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday. TD Cowen upgraded shares of Cullinan Therapeutics to a "strong-buy" rating in a research note on Monday, August 24th. HC Wainwright reissued a "buy" rating and set a $30.00 target price on shares of Cullinan Therapeutics in a research report on Monday, August 17th. Weiss Ratings restated a "sell (d-)" rating on shares of Cullinan Therapeutics in a research note on Wednesday, July 8th. Finally, Wedbush upped 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 investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Cullinan Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.86.

Cullinan Therapeutics Company Profile

Cullinan Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for cancer and other serious diseases. The company's approach combines internally developed drug candidates with licensed or acquired programs and partnerships intended to address areas of significant unmet medical need.

Its pipeline has included zipalertinib, an oral tyrosine kinase inhibitor being developed for patients with non-small cell lung cancer whose tumors have EGFR exon 20 insertion mutations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.