State Street Corp Increases Stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

State Street Corp increased its holdings in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 20.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,337,222 shares of the company's stock after acquiring an additional 396,034 shares during the period. State Street Corp owned about 4.01% of Cullinan Therapeutics worth $39,125,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of CGEM. Bank of New York Mellon Corp lifted its holdings in Cullinan Therapeutics by 46.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company's stock valued at $2,407,000 after buying an additional 43,757 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cullinan Therapeutics by 73.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company's stock valued at $155,000 after acquiring an additional 3,758 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Cullinan Therapeutics by 16.4% in the second quarter. Rhumbline Advisers now owns 54,351 shares of the company's stock valued at $948,000 after purchasing an additional 7,649 shares during the period. Arizona State Retirement System bought a new position in Cullinan Therapeutics in the second quarter worth approximately $182,000. Finally, American Century Companies Inc. increased its holdings in Cullinan Therapeutics by 32.9% during the 2nd quarter. American Century Companies Inc. now owns 76,018 shares of the company's stock worth $1,326,000 after purchasing an additional 18,840 shares during the period. Hedge funds and other institutional investors own 86.31% of the company's stock.

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the company's stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the transaction, the insider now directly owns 107,942 shares of the company's stock, valued at approximately $1,688,212.88. This represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 16,182 shares of company stock worth $222,349 over the last three months. Corporate insiders own 6.07% of the company's stock.

Cullinan Therapeutics Stock Performance

CGEM stock traded up $0.65 during trading on Friday, reaching $11.60. 862,713 shares of the company traded hands, compared to its average volume of 644,257. The business has a 50 day simple moving average of $14.28 and a 200 day simple moving average of $16.68. Cullinan Therapeutics, Inc. has a 12 month low of $8.49 and a 12 month high of $30.19. The company has a market capitalization of $675.44 million, a price-to-earnings ratio of -4.08 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, beating analysts' consensus estimates of ($0.78) by $0.09. As a group, research analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Wall Street Analyst Weigh In

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

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.