Cullinan Therapeutics (NASDAQ:CGEM) Major Shareholder Lynx1 Capital Management Lp Acquires 277,298 Shares

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) major shareholder Lynx1 Capital Management Lp acquired 277,298 shares of the stock in a transaction dated Friday, October 10th. The shares were bought at an average price of $7.36 per share, for a total transaction of $2,040,913.28. Following the transaction, the insider owned 8,549,084 shares in the company, valued at approximately $62,921,258.24. This represents a 3.35% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Lynx1 Capital Management Lp also recently made the following trade(s):

• On Thursday, October 9th, Lynx1 Capital Management Lp bought 626,043 shares of Cullinan Therapeutics stock. The stock was acquired at an average price of $6.70 per share, for a total transaction of $4,194,488.10.
• On Wednesday, October 8th, Lynx1 Capital Management Lp bought 556,300 shares of Cullinan Therapeutics stock. The stock was acquired at an average price of $6.46 per share, for a total transaction of $3,593,698.00.

Cullinan Therapeutics Stock Up 5.0%

Shares of NASDAQ:CGEM opened at $7.40 on Friday. The stock has a market cap of $437.12 million, a PE ratio of -2.29 and a beta of -0.12. The company’s fifty day moving average is $6.93 and its 200 day moving average is $7.61. Cullinan Therapeutics, Inc. has a 52 week low of $5.68 and a 52 week high of $17.98.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, August 7th. The company reported ($1.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.24). Sell-side analysts anticipate that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Analyst Ratings Changes

CGEM has been the topic of a number of analyst reports. BTIG Research reiterated a “buy” rating and issued a $32.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, September 10th. Morgan Stanley cut their price target on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a report on Monday, August 18th. HC Wainwright reissued a “buy” rating and issued a $24.00 price target on shares of Cullinan Therapeutics in a report on Friday, September 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Wednesday. Finally, Zacks Research raised shares of Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.00.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. boosted its stake in shares of Cullinan Therapeutics by 1,665.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 177,685 shares of the company’s stock valued at $1,054,000 after purchasing an additional 167,623 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Cullinan Therapeutics by 44.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock valued at $62,000 after purchasing an additional 2,523 shares in the last quarter. Man Group plc bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at about $168,000. Massar Capital Management LP bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at about $101,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at about $136,000. Institutional investors own 86.31% of the company’s stock.

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.