Franklin Resources Inc. Sells 252,868 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Franklin Resources Inc. lessened its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 10.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,191,262 shares of the company's stock after selling 252,868 shares during the quarter. Franklin Resources Inc. owned 3.76% of Cullinan Therapeutics worth $35,564,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CGEM. Amalgamated Bank raised its holdings in shares of Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company's stock worth $30,000 after buying an additional 872 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Cullinan Therapeutics by 73.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company's stock worth $155,000 after acquiring an additional 3,758 shares in the last quarter. Arizona State Retirement System acquired a new position in Cullinan Therapeutics during the second quarter worth $182,000. Squarepoint Ops LLC bought a new position in shares of Cullinan Therapeutics during the second quarter valued at $186,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of Cullinan Therapeutics by 64.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company's stock valued at $187,000 after purchasing an additional 4,380 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company's stock.

Cullinan Therapeutics Trading Up 1.7 %

Shares of CGEM traded up $0.18 on Thursday, reaching $10.95. 480,632 shares of the company's stock were exchanged, compared to its average volume of 642,776. The business has a 50 day moving average price of $14.38 and a two-hundred day moving average price of $16.76. Cullinan Therapeutics, Inc. has a 12 month low of $8.49 and a 12 month high of $30.19. The stock has a market capitalization of $637.60 million, a P/E ratio of -3.86 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last posted 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. Equities research analysts predict that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction 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 transaction, the insider now directly owns 107,942 shares of the company's stock, valued at $1,688,212.88. This trade represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 6.07% of the company's stock.

Wall Street Analyst Weigh In

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