Cullinan Therapeutics (NASDAQ:CGEM) Major Shareholder Lynx1 Capital Management Lp Buys 556,300 Shares

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) major shareholder Lynx1 Capital Management Lp purchased 556,300 shares of Cullinan Therapeutics stock in a transaction on Wednesday, October 8th. The stock was acquired at an average cost of $6.46 per share, for a total transaction of $3,593,698.00. Following the acquisition, the insider directly owned 7,645,743 shares of the company’s stock, valued at approximately $49,391,499.78. This represents a 7.85% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Friday, October 10th, Lynx1 Capital Management Lp purchased 277,298 shares of Cullinan Therapeutics stock. The stock was acquired at an average cost of $7.36 per share, for a total transaction of $2,040,913.28.
• On Thursday, October 9th, Lynx1 Capital Management Lp purchased 626,043 shares of Cullinan Therapeutics stock. The stock was acquired at an average cost of $6.70 per share, for a total transaction of $4,194,488.10.

Cullinan Therapeutics Price Performance

Shares of NASDAQ CGEM opened at $7.40 on Friday. Cullinan Therapeutics, Inc. has a 12-month low of $5.68 and a 12-month high of $17.98. The company has a market capitalization of $437.12 million, a PE ratio of -2.29 and a beta of -0.12. The firm’s 50-day moving average is $6.93 and its two-hundred day moving average is $7.61.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.24). On average, analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC increased its position in Cullinan Therapeutics by 44.6% during the second quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after purchasing an additional 2,523 shares during the last quarter. Rhumbline Advisers increased its position in Cullinan Therapeutics by 3.9% during the second quarter. Rhumbline Advisers now owns 74,105 shares of the company’s stock worth $558,000 after purchasing an additional 2,767 shares during the last quarter. Tema Etfs LLC increased its position in Cullinan Therapeutics by 9.0% during the second quarter. Tema Etfs LLC now owns 42,692 shares of the company’s stock worth $321,000 after purchasing an additional 3,528 shares during the last quarter. Exchange Traded Concepts LLC increased its position in Cullinan Therapeutics by 42.6% during the first quarter. Exchange Traded Concepts LLC now owns 14,107 shares of the company’s stock worth $107,000 after purchasing an additional 4,216 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new position in Cullinan Therapeutics during the first quarter worth approximately $34,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Wall Street Analyst Weigh In

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

About Cullinan Therapeutics

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.