Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 580.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 198,214 shares of the company's stock after purchasing an additional 169,104 shares during the quarter. JPMorgan Chase & Co. owned about 0.34% of Cullinan Therapeutics worth $2,414,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. KLP Kapitalforvaltning AS acquired a new position in Cullinan Therapeutics in the fourth quarter valued at about $83,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Cullinan Therapeutics in the fourth quarter valued at about $136,000. China Universal Asset Management Co. Ltd. lifted its position in Cullinan Therapeutics by 10.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company's stock valued at $150,000 after buying an additional 1,195 shares during the last quarter. New York State Common Retirement Fund lifted its position in Cullinan Therapeutics by 32.9% in the fourth quarter. New York State Common Retirement Fund now owns 12,918 shares of the company's stock valued at $157,000 after buying an additional 3,200 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new position in Cullinan Therapeutics in the fourth quarter valued at about $179,000. Hedge funds and other institutional investors own 86.31% of the company's stock.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 12,529 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $106,872.37. Following the transaction, the chief executive officer now directly owns 430,621 shares in the company, valued at $3,673,197.13. This represents a 2.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeffrey Alan Jones sold 4,895 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $41,754.35. Following the completion of the transaction, the insider now owns 174,164 shares in the company, valued at $1,485,618.92. This represents a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.07% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on CGEM shares. HC Wainwright reissued a "buy" rating and set a $33.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, April 16th. Morgan Stanley reissued an "overweight" rating and set a $35.00 price target (down previously from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $34.80.

Cullinan Therapeutics Trading Up 1.8 %

NASDAQ:CGEM traded up $0.14 during mid-day trading on Tuesday, hitting $7.90. The stock had a trading volume of 219,412 shares, compared to its average volume of 608,296. The stock has a 50-day simple moving average of $8.17 and a two-hundred day simple moving average of $11.09. The company has a market capitalization of $462.25 million, a PE ratio of -2.78 and a beta of -0.05. Cullinan Therapeutics, Inc. has a twelve month low of $6.85 and a twelve month high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.75) by $0.02. Sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal 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.