Alliancebernstein L.P. Purchases 157,115 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Alliancebernstein L.P. lifted its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 8.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,011,525 shares of the company's stock after acquiring an additional 157,115 shares during the period. Alliancebernstein L.P. owned approximately 3.45% of Cullinan Therapeutics worth $24,500,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CGEM. Wellington Management Group LLP grew its stake in Cullinan Therapeutics by 25.4% during the fourth quarter. Wellington Management Group LLP now owns 132,976 shares of the company's stock worth $1,620,000 after purchasing an additional 26,951 shares during the period. NEOS Investment Management LLC grew its position in shares of Cullinan Therapeutics by 10.9% during the 4th quarter. NEOS Investment Management LLC now owns 28,433 shares of the company's stock worth $346,000 after buying an additional 2,793 shares during the period. BIT Capital GmbH acquired a new stake in shares of Cullinan Therapeutics during the 4th quarter worth approximately $1,149,000. JPMorgan Chase & Co. increased its stake in shares of Cullinan Therapeutics by 580.9% in the 4th quarter. JPMorgan Chase & Co. now owns 198,214 shares of the company's stock valued at $2,414,000 after acquiring an additional 169,104 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new position in shares of Cullinan Therapeutics during the 4th quarter valued at $179,000. 86.31% of the stock is owned by institutional investors and hedge funds.

Cullinan Therapeutics Trading Up 1.7 %

NASDAQ CGEM traded up $0.13 during trading hours on Friday, hitting $7.71. The company's stock had a trading volume of 679,294 shares, compared to its average volume of 662,035. The company's 50-day simple moving average is $8.60 and its two-hundred day simple moving average is $11.79. The company has a market capitalization of $451.14 million, a PE ratio of -2.71 and a beta of -0.05. Cullinan Therapeutics, Inc. has a 52 week low of $6.85 and a 52 week high of $30.19.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on CGEM. Morgan Stanley reaffirmed an "overweight" rating and issued a $35.00 price target (down from $38.00) on shares of Cullinan Therapeutics in a research note on Friday, March 7th. HC Wainwright reaffirmed a "buy" rating and set a $33.00 price target on shares of Cullinan Therapeutics in a research note on Friday, February 28th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $32.86.

Insiders Place Their Bets

In related news, CEO Nadim Ahmed sold 12,529 shares of the firm's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $106,872.37. Following the completion of the sale, the chief executive officer now owns 430,621 shares in the company, valued at approximately $3,673,197.13. This trade represents a 2.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeffrey Alan Jones sold 4,895 shares of the business's stock in a transaction dated 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 approximately $1,485,618.92. The trade was a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.07% of the company's stock.

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.