Lynx1 Capital Management Lp Acquires 51,500 Shares of Cullinan Therapeutics (NASDAQ:CGEM) Stock

Key Points

• Lynx1 Capital Management Lp acquired a total of 51,500 shares of Cullinan Therapeutics stock at an average price of $7.94, increasing their total ownership to approximately 8.6 million shares valued at over $68 million.
• Cullinan Therapeutics reported a loss of ($1.07) earnings per share for the last quarter, missing analysts' expectations, with a projected EPS of -$3.04 for the current fiscal year.
• The company's stock has a market cap of $500.91 million and has been rated as "Moderate Buy" by analysts, with an average price target of $26.00.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) major shareholder Lynx1 Capital Management Lp purchased 51,500 shares of the company's stock in a transaction dated Wednesday, October 15th. The shares were acquired at an average cost of $7.94 per share, with a total value of $408,910.00. Following the purchase, the insider directly owned 8,615,616 shares of the company's stock, valued at approximately $68,407,991.04. The trade was a 0.60% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Major shareholders that own more than 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 Friday, October 17th, Lynx1 Capital Management Lp purchased 32,217 shares of Cullinan Therapeutics stock. The shares were acquired at an average cost of $7.84 per share, with a total value of $252,581.28.
• On Thursday, October 16th, Lynx1 Capital Management Lp bought 150,000 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $8.86 per share, with a total value of $1,329,000.00.
• On Tuesday, October 14th, Lynx1 Capital Management Lp bought 15,032 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $7.59 per share, with a total value of $114,092.88.
• On Friday, October 10th, Lynx1 Capital Management Lp bought 277,298 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $7.36 per share, with a total value of $2,040,913.28.
• On Thursday, October 9th, Lynx1 Capital Management Lp bought 626,043 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $6.70 per share, with a total value of $4,194,488.10.
• On Wednesday, October 8th, Lynx1 Capital Management Lp bought 556,300 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $6.46 per share, with a total value of $3,593,698.00.

Cullinan Therapeutics Price Performance

NASDAQ CGEM traded down $0.08 during mid-day trading on Tuesday, reaching $8.48. 967,329 shares of the stock were exchanged, compared to its average volume of 546,615. Cullinan Therapeutics, Inc. has a one year low of $5.68 and a one year high of $17.50. The stock has a 50 day simple moving average of $7.01 and a 200-day simple moving average of $7.63. The stock has a market cap of $500.91 million, a P/E ratio of -2.63 and a beta of -0.12.

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

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CGEM. Brooklyn Investment Group purchased a new position in Cullinan Therapeutics during the first quarter worth about $34,000. GAMMA Investing LLC boosted its holdings in Cullinan Therapeutics by 1,214.8% during the first quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock worth $53,000 after purchasing an additional 6,463 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings 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 purchasing an additional 2,523 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Cullinan Therapeutics during the second quarter worth about $84,000. Finally, Massar Capital Management LP bought a new stake in Cullinan Therapeutics in the second quarter worth about $101,000. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

About Cullinan Therapeutics

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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