Insider Buying: Cullinan Therapeutics (NASDAQ:CGEM) Major Shareholder Purchases 32,217 Shares of Stock

Key Points

• Lynx1 Capital Management Lp, a major shareholder of Cullinan Therapeutics, purchased 32,217 shares at an average cost of $7.84 per share, increasing their ownership to approximately 8.8 million shares valued at around $69 million.
• Cullinan Therapeutics' stock is currently valued at $8.48, down 0.9% during the latest trading session, with a 12-month trading range between $5.68 and $17.50.
• Analysts have a consensus rating of "Moderate Buy" for CGEM stock, with an average price target of $26.00, while the company reported a loss of ($1.07) earnings per share for the last quarter.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) major shareholder Lynx1 Capital Management Lp purchased 32,217 shares of the company's stock in a transaction on Friday, October 17th. The shares were purchased at an average cost of $7.84 per share, for a total transaction of $252,581.28. Following the completion of the transaction, the insider directly owned 8,797,833 shares of the company's stock, valued at approximately $68,975,010.72. This represents a 0.37% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Lynx1 Capital Management Lp also recently made the following trade(s):

• On Thursday, October 16th, Lynx1 Capital Management Lp purchased 150,000 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $8.86 per share, for a total transaction of $1,329,000.00.
• On Wednesday, October 15th, Lynx1 Capital Management Lp purchased 51,500 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $7.94 per share, for a total transaction of $408,910.00.
• On Tuesday, October 14th, Lynx1 Capital Management Lp purchased 15,032 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $7.59 per share, for a total transaction of $114,092.88.
• On Friday, October 10th, Lynx1 Capital Management Lp purchased 277,298 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $7.36 per share, for a total transaction of $2,040,913.28.
• On Thursday, October 9th, Lynx1 Capital Management Lp acquired 626,043 shares of Cullinan Therapeutics stock. The stock was bought at an average cost of $6.70 per share, for a total transaction of $4,194,488.10.
• On Wednesday, October 8th, Lynx1 Capital Management Lp acquired 556,300 shares of Cullinan Therapeutics stock. The stock was bought at an average cost of $6.46 per share, for a total transaction of $3,593,698.00.

Cullinan Therapeutics Stock Down 0.9%

Shares of CGEM traded down $0.08 during trading hours on Tuesday, hitting $8.48. The company had a trading volume of 967,329 shares, compared to its average volume of 546,615. The firm has a market cap of $500.91 million, a price-to-earnings ratio of -2.63 and a beta of -0.12. The business has a fifty day moving average of $7.01 and a 200-day moving average of $7.63. Cullinan Therapeutics, Inc. has a 12 month low of $5.68 and a 12 month high of $17.50.

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

Analyst Ratings Changes

A number of research firms recently commented on CGEM. BTIG Research reaffirmed a "buy" rating and set a $32.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 10th. Morgan Stanley lowered their price target on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating on the stock in a research report on Monday, August 18th. Zacks Research raised shares of Cullinan Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 16th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Cullinan Therapeutics in a research report on Wednesday, October 8th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $24.00 price target on shares of Cullinan Therapeutics in a research report on Friday, September 12th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $26.00.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. grew its stake in Cullinan Therapeutics by 1,665.9% during the third quarter. Assenagon Asset Management S.A. now owns 177,685 shares of the company's stock worth $1,054,000 after buying an additional 167,623 shares in the last quarter. Tower Research Capital LLC TRC grew 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 buying an additional 2,523 shares in the last quarter. Man Group plc acquired a new stake in Cullinan Therapeutics during the second quarter worth about $168,000. Massar Capital Management LP acquired a new stake in Cullinan Therapeutics during the second quarter worth about $101,000. Finally, Engineers Gate Manager LP acquired a new stake in Cullinan Therapeutics during the second quarter worth about $136,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

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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