Springhill Fund Asset Management HK Co Ltd Invests $3.37 Million in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Springhill Fund Asset Management HK Co Ltd purchased a new stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 276,400 shares of the company’s stock, valued at approximately $3,367,000. Cullinan Therapeutics accounts for about 5.5% of Springhill Fund Asset Management HK Co Ltd’s investment portfolio, making the stock its 10th biggest holding.

Several other institutional investors have also recently bought and sold shares of the business. State Street Corp increased its position in shares of Cullinan Therapeutics by 20.4% during the third quarter. State Street Corp now owns 2,337,222 shares of the company’s stock worth $39,125,000 after acquiring an additional 396,034 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Cullinan Therapeutics by 23.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after acquiring an additional 231,935 shares during the period. JPMorgan Chase & Co. increased its position in Cullinan Therapeutics by 580.9% in the fourth quarter. JPMorgan Chase & Co. now owns 198,214 shares of the company’s stock worth $2,414,000 after buying an additional 169,104 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Cullinan Therapeutics by 8.5% in the 4th quarter. Alliancebernstein L.P. now owns 2,011,525 shares of the company’s stock worth $24,500,000 after acquiring an additional 157,115 shares during the last quarter. Finally, BIT Capital GmbH purchased a new position in shares of Cullinan Therapeutics in the fourth quarter worth about $1,149,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target (down from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $33.00 price objective on shares of Cullinan Therapeutics in a report on Friday, February 28th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $32.86.

Cullinan Therapeutics Stock Down 1.1 %

Shares of CGEM opened at $7.41 on Friday. The stock has a market capitalization of $433.58 million, a P/E ratio of -2.61 and a beta of -0.05. Cullinan Therapeutics, Inc. has a twelve month low of $7.11 and a twelve month high of $30.19. The firm has a fifty day simple moving average of $9.02 and a two-hundred day simple moving average of $12.23.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results 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 expect that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 4,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $12.51, for a total value of $50,040.00. Following the completion of the sale, the insider now directly owns 95,760 shares of the company’s stock, valued at approximately $1,197,957.60. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Nadim Ahmed sold 12,529 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $106,872.37. Following the sale, the chief executive officer now directly owns 430,621 shares in the company, valued at $3,673,197.13. The trade was a 2.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,424 shares of company stock worth $198,667. 6.07% of the stock is currently owned by insiders.

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.