Geode Capital Management LLC Acquires 231,935 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Geode Capital Management LLC increased its holdings in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 23.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,208,421 shares of the company's stock after buying an additional 231,935 shares during the quarter. Geode Capital Management LLC owned 2.08% of Cullinan Therapeutics worth $20,233,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Amalgamated Bank boosted its holdings in shares of Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company's stock valued at $30,000 after buying an additional 872 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cullinan Therapeutics by 73.3% in the 2nd 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. Arizona State Retirement System acquired a new position in Cullinan Therapeutics in the 2nd quarter worth $182,000. Squarepoint Ops LLC bought a new position in Cullinan Therapeutics during the 2nd quarter worth about $186,000. Finally, China Universal Asset Management Co. Ltd. raised 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 during the period. 86.31% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm'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 value of $125,120.00. Following the completion of the transaction, the insider now owns 107,942 shares in the company, valued at $1,688,212.88. This trade represents a 6.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of the business's stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the sale, the chief executive officer now directly owns 263,150 shares in the company, valued at $3,123,590.50. The trade was a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,582 shares of company stock worth $322,057. Corporate insiders own 6.07% of the company's stock.

Cullinan Therapeutics Stock Down 6.8 %

Shares of Cullinan Therapeutics stock traded down $0.88 during trading on Friday, reaching $12.02. The company's stock had a trading volume of 1,400,300 shares, compared to its average volume of 646,066. Cullinan Therapeutics, Inc. has a 52 week low of $9.91 and a 52 week high of $30.19. The business's 50-day moving average price is $13.83 and its 200-day moving average price is $16.28. The firm has a market cap of $699.90 million, a PE ratio of -4.23 and a beta of -0.18.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. UBS Group assumed coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They set a "buy" rating and a $30.00 price objective for the company. HC Wainwright restated a "buy" rating and set a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Finally, Wedbush restated an "outperform" rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target 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.