Vanguard Group Inc. Trims Stock Position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Vanguard Group Inc. lowered its position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 2.1% in the fourth quarter, HoldingsChannel reports. The fund owned 2,936,227 shares of the company’s stock after selling 62,487 shares during the quarter. Vanguard Group Inc. owned 0.05% of Cullinan Therapeutics worth $35,763,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. State Street Corp lifted its position in shares of Cullinan Therapeutics by 20.4% during the 3rd quarter. State Street Corp now owns 2,337,222 shares of the company’s stock valued at $39,125,000 after buying an additional 396,034 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Cullinan Therapeutics by 23.8% during the third quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after purchasing an additional 231,935 shares in the last quarter. Barclays PLC grew its position in shares of Cullinan Therapeutics by 26.0% in the third quarter. Barclays PLC now owns 248,614 shares of the company’s stock valued at $4,161,000 after purchasing an additional 51,300 shares during the period. Wellington Management Group LLP increased its position in shares of Cullinan Therapeutics by 47.1% during the third quarter. Wellington Management Group LLP now owns 106,025 shares of the company’s stock worth $1,775,000 after purchasing an additional 33,927 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Cullinan Therapeutics in the 4th quarter valued at $247,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Trading Up 1.7 %

NASDAQ CGEM opened at $7.71 on Monday. The stock has a fifty day simple moving average of $8.60 and a 200-day simple moving average of $11.76. The stock has a market cap of $451.14 million, a PE ratio of -2.71 and a beta of -0.05. Cullinan Therapeutics, Inc. has a twelve month low of $6.85 and a twelve month 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 for the quarter, topping the consensus estimate of ($0.75) by $0.02. Research analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CGEM. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 target price (down previously from $38.00) on shares of Cullinan Therapeutics in a research note 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 an average rating of “Buy” and a consensus target price of $32.86.

Insider Buying and Selling

In other Cullinan Therapeutics news, insider Jeffrey Alan Jones sold 4,895 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total transaction of $41,754.35. Following the transaction, the insider now directly owns 174,164 shares in the company, valued at $1,485,618.92. This represents a 2.73 % 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 firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total value of $106,872.37. Following the transaction, the chief executive officer now owns 430,621 shares of the company’s stock, valued at approximately $3,673,197.13. This represents a 2.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.07% of the stock is currently owned by corporate insiders.

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.