Springhill Fund Asset Management HK Co Ltd Acquires New Stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Springhill Fund Asset Management HK Co Ltd acquired a new stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 276,400 shares of the company's stock, valued at approximately $3,367,000. Cullinan Therapeutics makes up about 5.5% of Springhill Fund Asset Management HK Co Ltd's portfolio, making the stock its 10th largest position. Springhill Fund Asset Management HK Co Ltd owned approximately 0.47% of Cullinan Therapeutics at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CGEM. State Street Corp lifted its position in Cullinan Therapeutics by 20.4% in the third quarter. State Street Corp now owns 2,337,222 shares of the company's stock worth $39,125,000 after purchasing an additional 396,034 shares during the period. Franklin Resources Inc. raised its stake in shares of Cullinan Therapeutics by 0.4% in the 4th quarter. Franklin Resources Inc. now owns 2,199,709 shares of the company's stock worth $26,792,000 after buying an additional 8,447 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Cullinan Therapeutics by 8.5% in the fourth quarter. Alliancebernstein L.P. now owns 2,011,525 shares of the company's stock valued at $24,500,000 after buying an additional 157,115 shares during the period. Geode Capital Management LLC boosted its position in shares of Cullinan Therapeutics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,214,641 shares of the company's stock valued at $14,798,000 after purchasing an additional 6,220 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cullinan Therapeutics by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 430,971 shares of the company's stock worth $5,249,000 after buying an additional 7,012 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company's stock.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,895 shares of Cullinan Therapeutics stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total value of $41,754.35. Following the completion of the transaction, the insider now directly owns 174,164 shares of the company's stock, valued at $1,485,618.92. The trade was a 2.73 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nadim Ahmed sold 12,529 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total transaction of $106,872.37. Following the sale, the chief executive officer now owns 430,621 shares in the company, valued at $3,673,197.13. This represents a 2.83 % decrease in their position. The disclosure for this sale can be found here. 6.07% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Morgan Stanley reissued an "overweight" rating and issued a $35.00 target price (down from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. HC Wainwright reissued a "buy" rating and set a $33.00 price objective on shares of Cullinan Therapeutics in a report on Friday, February 28th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $32.86.

Cullinan Therapeutics Stock Up 1.6 %

Shares of CGEM stock traded up $0.12 during mid-day trading on Friday, reaching $7.70. The stock had a trading volume of 177,670 shares, compared to its average volume of 463,524. The firm has a market cap of $450.55 million, a PE ratio of -2.71 and a beta of -0.05. Cullinan Therapeutics, Inc. has a one year low of $6.85 and a one year high of $30.19. The firm's 50 day simple moving average is $8.65 and its 200 day simple moving average is $11.85.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.73) EPS for the quarter, topping analysts' consensus estimates of ($0.75) by $0.02. Sell-side analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

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.