Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Shares Sold by CenterBook Partners LP

CenterBook Partners LP lowered its position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 85.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 43,987 shares of the company’s stock after selling 254,679 shares during the quarter. CenterBook Partners LP’s holdings in Cullinan Therapeutics were worth $536,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Federated Hermes Inc. grew its holdings in shares of Cullinan Therapeutics by 67.0% during the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock worth $46,000 after purchasing an additional 1,525 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Cullinan Therapeutics in the fourth quarter valued at approximately $83,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Cullinan Therapeutics in the 4th quarter valued at $136,000. China Universal Asset Management Co. Ltd. increased its position in Cullinan Therapeutics by 10.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock worth $150,000 after purchasing an additional 1,195 shares during the period. Finally, New York State Common Retirement Fund raised its position in Cullinan Therapeutics by 32.9% in the fourth quarter. New York State Common Retirement Fund now owns 12,918 shares of the company’s stock worth $157,000 after acquiring an additional 3,200 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Insider Buying and Selling

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

Cullinan Therapeutics Trading Up 1.7 %

Shares of CGEM opened at $7.71 on Friday. The firm has a market capitalization of $451.14 million, a P/E ratio of -2.71 and a beta of -0.05. The stock’s fifty day simple moving average is $8.60 and its 200 day simple moving average is $11.79. Cullinan Therapeutics, Inc. has a twelve month low of $6.85 and a twelve month high of $30.19.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on CGEM. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 target price on shares of Cullinan Therapeutics in a report on Friday, February 28th. Morgan Stanley restated an “overweight” rating and issued a $35.00 target price (down from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $32.86.

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.