Vanguard Group Inc. Reduces Holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Vanguard Group Inc. decreased its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 2.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,936,227 shares of the company's stock after selling 62,487 shares during the period. Vanguard Group Inc. owned about 5.04% of Cullinan Therapeutics worth $35,763,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CGEM. KLP Kapitalforvaltning AS purchased a new stake in Cullinan Therapeutics in the fourth quarter worth about $83,000. American Century Companies Inc. raised its stake in Cullinan Therapeutics by 11.0% in the 4th quarter. American Century Companies Inc. now owns 100,721 shares of the company's stock worth $1,227,000 after acquiring an additional 10,010 shares during the last quarter. Intech Investment Management LLC lifted its holdings in shares of Cullinan Therapeutics by 81.7% during the fourth quarter. Intech Investment Management LLC now owns 31,782 shares of the company's stock worth $387,000 after purchasing an additional 14,295 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Cullinan Therapeutics in the 4th quarter valued at $247,000. Finally, Charles Schwab Investment Management Inc. grew its position in Cullinan Therapeutics by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 430,971 shares of the company's stock worth $5,249,000 after purchasing an additional 7,012 shares during the period. Institutional investors own 86.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CGEM shares. HC Wainwright restated a "buy" rating and set a $33.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday. Morgan Stanley restated an "overweight" rating and set a $35.00 target price (down from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Therapeutics presently has a consensus rating of "Buy" and an average price target of $34.80.

Cullinan Therapeutics Trading Up 3.7 %

NASDAQ CGEM traded up $0.28 during trading hours on Friday, reaching $7.89. The company had a trading volume of 694,937 shares, compared to its average volume of 650,236. The stock has a market capitalization of $461.67 million, a P/E ratio of -2.78 and a beta of -0.05. The stock has a 50-day moving average of $8.36 and a 200 day moving average of $11.51. Cullinan Therapeutics, Inc. has a 1-year low of $6.85 and a 1-year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.02. As a group, sell-side analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Nadim Ahmed sold 12,529 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total transaction of $106,872.37. Following the completion of the transaction, the chief executive officer now directly owns 430,621 shares of the company's stock, valued at approximately $3,673,197.13. This represents a 2.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeffrey Alan Jones sold 4,895 shares of the business's stock in a transaction that occurred 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 sale, the insider now owns 174,164 shares of the company's stock, valued at approximately $1,485,618.92. The trade was a 2.73 % decrease in their position. The disclosure for this sale can be found here. Insiders own 6.07% of the company's stock.

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.