Patient Square Capital LP Acquires New Position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Patient Square Capital LP purchased a new position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 824,705 shares of the company's stock, valued at approximately $13,806,000. Cullinan Therapeutics accounts for about 5.1% of Patient Square Capital LP's investment portfolio, making the stock its 3rd largest position. Patient Square Capital LP owned 1.42% of Cullinan Therapeutics at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Amalgamated Bank grew its holdings in Cullinan Therapeutics by 97.3% during the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company's stock valued at $30,000 after buying an additional 872 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cullinan Therapeutics by 73.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company's stock valued at $155,000 after purchasing an additional 3,758 shares in the last quarter. Arizona State Retirement System purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at $182,000. Squarepoint Ops LLC purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at $186,000. Finally, China Universal Asset Management Co. Ltd. grew its stake in Cullinan Therapeutics by 64.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company's stock worth $187,000 after buying an additional 4,380 shares during the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Cullinan Therapeutics Stock Performance

Shares of CGEM traded up $0.16 during trading hours on Wednesday, hitting $12.96. The stock had a trading volume of 504,976 shares, compared to its average volume of 650,294. The company's fifty day simple moving average is $15.41 and its 200 day simple moving average is $17.62. Cullinan Therapeutics, Inc. has a 12-month low of $7.64 and a 12-month high of $30.19. The firm has a market cap of $754.66 million, a P/E ratio of -4.49 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) EPS for the quarter, topping analysts' consensus estimates of ($0.78) by $0.09. As a group, sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 8,000 shares of the company's stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total value of $144,720.00. Following the completion of the sale, the insider now directly owns 115,942 shares in the company, valued at approximately $2,097,390.78. This represents a 6.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 6.07% of the stock is owned by corporate insiders.

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.