China Universal Asset Management Co. Ltd. Raises Stock Holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

China Universal Asset Management Co. Ltd. increased its stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 64.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,151 shares of the company’s stock after purchasing an additional 4,380 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Cullinan Therapeutics were worth $187,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Ameritas Investment Partners Inc. lifted its stake in shares of Cullinan Therapeutics by 31.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after purchasing an additional 615 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cullinan Therapeutics by 73.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after purchasing an additional 3,758 shares during the last quarter. Arizona State Retirement System purchased a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth $182,000. Squarepoint Ops LLC acquired a new position in Cullinan Therapeutics during the 2nd quarter valued at about $186,000. Finally, The Manufacturers Life Insurance Company increased its position in Cullinan Therapeutics by 40.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,175 shares of the company’s stock valued at $265,000 after buying an additional 4,393 shares in the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was 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 owns 115,942 shares of the company’s stock, valued at approximately $2,097,390.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.07% of the company’s stock.

Cullinan Therapeutics Trading Down 4.1 %

Shares of CGEM stock opened at $16.22 on Thursday. The company has a market capitalization of $940.39 million, a P/E ratio of -5.30 and a beta of -0.13. The business’s 50 day moving average is $17.21 and its two-hundred day moving average is $19.17. Cullinan Therapeutics, Inc. has a 12-month low of $7.64 and a 12-month high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). On average, research analysts predict that Cullinan Therapeutics, Inc. will post -3.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CGEM. UBS Group began coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Finally, HC Wainwright reissued a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price 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.