Charles Schwab Investment Management Inc. Buys 7,012 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Charles Schwab Investment Management Inc. increased its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 1.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 430,971 shares of the company’s stock after acquiring an additional 7,012 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Cullinan Therapeutics were worth $5,249,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Cullinan Therapeutics during the 4th quarter worth about $136,000. China Universal Asset Management Co. Ltd. raised its position in Cullinan Therapeutics by 10.7% in 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. New York State Common Retirement Fund lifted its stake 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 purchasing an additional 3,200 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Cullinan Therapeutics during the third quarter valued at approximately $293,000. Finally, FMR LLC grew its stake in shares of Cullinan Therapeutics by 2,898.5% during the third quarter. FMR LLC now owns 20,360 shares of the company’s stock valued at $341,000 after buying an additional 19,681 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors.

Insider Activity at Cullinan Therapeutics

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

Analyst Ratings Changes

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

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $8.30 on Wednesday. The company’s fifty day moving average price is $9.44 and its 200 day moving average price is $12.75. The stock has a market capitalization of $485.66 million, a P/E ratio of -2.92 and a beta of -0.12. Cullinan Therapeutics, Inc. has a 1 year low of $7.90 and a 1 year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last announced 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 predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

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.