Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Shares Acquired by Braidwell LP

Braidwell LP grew its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 567.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,176,173 shares of the company's stock after purchasing an additional 1,000,000 shares during the quarter. Braidwell LP owned approximately 2.02% of Cullinan Therapeutics worth $19,689,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Deerfield Management Company L.P. Series C raised its stake in Cullinan Therapeutics by 188.1% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company's stock valued at $57,207,000 after purchasing an additional 2,141,706 shares during the last quarter. Marshall Wace LLP raised its position in shares of Cullinan Therapeutics by 2,416.9% in the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company's stock valued at $20,650,000 after buying an additional 1,136,993 shares during the last quarter. Perceptive Advisors LLC purchased a new position in shares of Cullinan Therapeutics in the second quarter worth about $13,079,000. Charles Schwab Investment Management Inc. boosted its position in Cullinan Therapeutics by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company's stock worth $7,097,000 after acquiring an additional 53,328 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Cullinan Therapeutics by 31.3% during the 2nd quarter. Renaissance Technologies LLC now owns 421,708 shares of the company's stock valued at $7,355,000 after acquiring an additional 100,608 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company's stock.

Cullinan Therapeutics Stock Up 2.8 %

NASDAQ:CGEM traded up $0.36 on Friday, reaching $13.45. The company's stock had a trading volume of 413,071 shares, compared to its average volume of 650,458. Cullinan Therapeutics, Inc. has a 12-month low of $7.64 and a 12-month high of $30.19. The stock has a 50 day moving average price of $15.57 and a 200 day moving average price of $17.89. The firm has a market cap of $783.19 million, a price-to-earnings ratio of -4.74 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.09. Equities research analysts expect that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the completion of the sale, the insider now directly owns 107,942 shares of the company's stock, valued at approximately $1,688,212.88. The trade was a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 6.07% of the company's stock.

Wall Street Analysts Forecast Growth

CGEM has been the topic of a number of research reports. HC Wainwright reissued a "buy" rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Wedbush restated an "outperform" rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Finally, UBS Group began coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They set a "buy" rating and a $30.00 price target on the stock. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $31.67.

Cullinan Therapeutics 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.