Lynx1 Capital Management Lp Purchases 626,043 Shares of Cullinan Therapeutics (NASDAQ:CGEM) Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) major shareholder Lynx1 Capital Management Lp acquired 626,043 shares of the business’s stock in a transaction that occurred on Thursday, October 9th. The stock was purchased at an average price of $6.70 per share, for a total transaction of $4,194,488.10. Following the acquisition, the insider directly owned 8,271,786 shares in the company, valued at approximately $55,420,966.20. This trade represents a 8.19% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Friday, October 10th, Lynx1 Capital Management Lp acquired 277,298 shares of Cullinan Therapeutics stock. The stock was purchased at an average price of $7.36 per share, for a total transaction of $2,040,913.28.
• On Wednesday, October 8th, Lynx1 Capital Management Lp acquired 556,300 shares of Cullinan Therapeutics stock. The stock was purchased at an average price of $6.46 per share, for a total transaction of $3,593,698.00.

Cullinan Therapeutics Trading Up 5.0%

CGEM stock opened at $7.40 on Friday. The company has a market capitalization of $437.12 million, a PE ratio of -2.29 and a beta of -0.12. Cullinan Therapeutics, Inc. has a 12-month low of $5.68 and a 12-month high of $17.98. The business’s fifty day moving average price is $6.93 and its 200 day moving average price is $7.61.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data 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). Research analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Wednesday. Morgan Stanley cut their price target on Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a report on Monday, August 18th. BTIG Research restated a “buy” rating and set a $32.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, September 10th. HC Wainwright restated a “buy” rating and set a $24.00 price target on shares of Cullinan Therapeutics in a report on Friday, September 12th. Finally, Zacks Research upgraded Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $26.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CGEM. GAMMA Investing LLC boosted its position in shares of Cullinan Therapeutics by 1,214.8% during the 1st quarter. GAMMA Investing LLC now owns 6,995 shares of the company’s stock worth $53,000 after acquiring an additional 6,463 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Cullinan Therapeutics by 4.6% during the 1st quarter. Rhumbline Advisers now owns 71,338 shares of the company’s stock worth $540,000 after acquiring an additional 3,130 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Cullinan Therapeutics by 42.6% during the 1st quarter. Exchange Traded Concepts LLC now owns 14,107 shares of the company’s stock worth $107,000 after acquiring an additional 4,216 shares in the last quarter. Palumbo Wealth Management LLC acquired a new stake in shares of Cullinan Therapeutics in the 1st quarter valued at about $123,000. Finally, Corton Capital Inc. boosted its position in shares of Cullinan Therapeutics by 41.0% in the 1st quarter. Corton Capital Inc. now owns 16,842 shares of the company’s stock valued at $127,000 after purchasing an additional 4,898 shares during the period. 86.31% of the stock is owned by institutional investors and hedge funds.

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.