Cullinan Therapeutics, Inc. $CGEM Shares Sold by Walleye Capital LLC

Key Points

• Walleye Capital LLC has significantly reduced its stake in Cullinan Therapeutics by 85.9%, now holding only 22,000 shares worth $167,000 after selling 134,497 shares.
• Various institutional investors have increased their positions, with GAMMA Investing LLC and Tower Research Capital LLC reporting significant increases of 1,214.8% and 411.3% respectively.
• Cullinan Therapeutics has a current consensus rating of "Buy" from analysts, with the consensus price target set at $26.80, despite missing earnings estimates in the last quarter.

Walleye Capital LLC lessened its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 85.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,000 shares of the company's stock after selling 134,497 shares during the quarter. Walleye Capital LLC's holdings in Cullinan Therapeutics were worth $167,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CGEM. Brooklyn Investment Group purchased a new position in Cullinan Therapeutics in the 1st quarter worth approximately $34,000. GAMMA Investing LLC boosted its holdings in Cullinan Therapeutics by 1,214.8% in the 1st quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock worth $53,000 after acquiring an additional 6,463 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Cullinan Therapeutics by 411.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,800 shares of the company's stock worth $107,000 after acquiring an additional 7,079 shares during the period. Exchange Traded Concepts LLC boosted its holdings in Cullinan Therapeutics by 42.6% in the 1st quarter. Exchange Traded Concepts LLC now owns 14,107 shares of the company's stock worth $107,000 after acquiring an additional 4,216 shares during the period. Finally, Palumbo Wealth Management LLC purchased a new position in Cullinan Therapeutics in the 1st quarter worth approximately $123,000. Hedge funds and other institutional investors own 86.31% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CGEM. HC Wainwright began coverage on Cullinan Therapeutics in a research note on Thursday, August 21st. They set a "buy" rating and a $24.00 target price for the company. BTIG Research reiterated a "buy" rating and set a $32.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday. Morgan Stanley reduced their target price on Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating for the company in a research note on Monday, August 18th. Finally, Stifel Nicolaus began coverage on Cullinan Therapeutics in a research note on Wednesday, June 11th. They set a "buy" rating and a $22.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $27.67.

Cullinan Therapeutics Price Performance

CGEM traded up $0.15 during trading hours on Thursday, hitting $6.62. 1,039,553 shares of the stock were exchanged, compared to its average volume of 474,062. The stock has a 50-day simple moving average of $7.62 and a 200-day simple moving average of $7.96. Cullinan Therapeutics, Inc. has a 12 month low of $6.44 and a 12 month high of $18.62. The stock has a market cap of $391.04 million, a price-to-earnings ratio of -2.05 and a beta of -0.08.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.24). Sell-side analysts expect that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

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.