Lynx1 Capital Management Lp Buys 277,298 Shares of Cullinan Therapeutics (NASDAQ:CGEM) Stock

Key Points

• Lynx1 Capital Management Lp purchased 277,298 shares of Cullinan Therapeutics at an average price of $7.36 per share, increasing their stake by 3.35% to a total of 8,549,084 shares.
• The stock of Cullinan Therapeutics has shown a recent trading uptrend, reaching $7.40, reflecting a 5.0% increase with significant trading volume compared to its average.
• Analysts have mixed ratings on Cullinan Therapeutics, with target prices ranging from $24.00 to $35.00, indicating varied expectations for the company's future performance.

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) major shareholder Lynx1 Capital Management Lp purchased 277,298 shares of Cullinan Therapeutics stock in a transaction that occurred on Friday, October 10th. The shares were purchased at an average price of $7.36 per share, for a total transaction of $2,040,913.28. Following the transaction, the insider directly owned 8,549,084 shares in the company, valued at $62,921,258.24. This represents a 3.35% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Large shareholders that own 10% or more 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 9th, Lynx1 Capital Management Lp bought 626,043 shares of Cullinan Therapeutics stock. The stock was bought at an average price of $6.70 per share, for a total transaction of $4,194,488.10.
• On Wednesday, October 8th, Lynx1 Capital Management Lp bought 556,300 shares of Cullinan Therapeutics stock. The stock was bought at an average price of $6.46 per share, for a total transaction of $3,593,698.00.

Cullinan Therapeutics Trading Up 5.0%

Cullinan Therapeutics stock traded up $0.35 during mid-day trading on Friday, reaching $7.40. The company had a trading volume of 1,621,935 shares, compared to its average volume of 512,681. Cullinan Therapeutics, Inc. has a fifty-two week low of $5.68 and a fifty-two week high of $17.98. The company has a market cap of $437.15 million, a P/E ratio of -2.29 and a beta of -0.12. The business has a fifty day simple moving average of $6.93 and a 200 day simple moving average of $7.62.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued 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). Research analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CGEM. Morgan Stanley cut their target price 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. BTIG Research restated a "buy" rating and issued a $32.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, September 10th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Cullinan Therapeutics in a research note on Wednesday. Zacks Research raised shares of Cullinan Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 16th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $24.00 price target on shares of Cullinan Therapeutics in a research note on Friday, September 12th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $26.00.

Institutional Investors Weigh In On Cullinan Therapeutics

Several large investors have recently added to or reduced their stakes in CGEM. GAMMA Investing LLC lifted its stake in Cullinan Therapeutics by 1,214.8% in the first quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock valued at $53,000 after buying an additional 6,463 shares during the period. Rhumbline Advisers increased its stake in shares of Cullinan Therapeutics by 4.6% in the 1st quarter. Rhumbline Advisers now owns 71,338 shares of the company's stock valued at $540,000 after acquiring an additional 3,130 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Cullinan Therapeutics by 42.6% during the 1st quarter. Exchange Traded Concepts LLC now owns 14,107 shares of the company's stock valued at $107,000 after acquiring an additional 4,216 shares during the period. Palumbo Wealth Management LLC bought a new position in Cullinan Therapeutics during the first quarter worth $123,000. Finally, Corton Capital Inc. grew its holdings in Cullinan Therapeutics by 41.0% in the first quarter. Corton Capital Inc. now owns 16,842 shares of the company's stock worth $127,000 after purchasing an additional 4,898 shares during the period. Institutional investors and hedge funds own 86.31% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.