Charles Schwab Investment Management Inc. Boosts Stock Position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Charles Schwab Investment Management Inc. increased its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 14.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 423,959 shares of the company's stock after buying an additional 53,328 shares during the period. Charles Schwab Investment Management Inc. owned 0.73% of Cullinan Therapeutics worth $7,097,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CGEM. Deerfield Management Company L.P. Series C increased its stake in shares of 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 worth $57,207,000 after acquiring an additional 2,141,706 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Cullinan Therapeutics by 2,416.9% during the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company's stock valued at $20,650,000 after purchasing an additional 1,136,993 shares during the last quarter. Perceptive Advisors LLC bought a new stake in shares of Cullinan Therapeutics in the 2nd quarter worth approximately $13,079,000. Lynx1 Capital Management LP bought a new position in Cullinan Therapeutics during the 2nd quarter valued at approximately $6,581,000. Finally, Ensign Peak Advisors Inc purchased a new position in Cullinan Therapeutics during the second quarter valued at $2,595,000. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Cullinan Therapeutics Stock Down 2.6 %

Shares of NASDAQ CGEM traded down $0.32 during trading on Thursday, reaching $12.20. 384,165 shares of the company traded hands, compared to its average volume of 646,464. The firm has a 50 day simple moving average of $14.84 and a 200-day simple moving average of $17.17. Cullinan Therapeutics, Inc. has a 52-week low of $7.94 and a 52-week high of $30.19. The stock has a market capitalization of $710.38 million, a PE ratio of -4.30 and a beta of -0.18.

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

Analyst Ratings Changes

A number of research firms have recently commented on CGEM. Wedbush reissued an "outperform" rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. UBS Group started coverage on shares of Cullinan Therapeutics in a research report on Thursday, October 24th. They set a "buy" rating and a $30.00 price objective on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $31.67.

Insider Buying and Selling at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the company's stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total transaction 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. This represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.07% of the stock is owned by corporate insiders.

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.