Tower Research Capital LLC TRC Buys 7,079 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Tower Research Capital LLC TRC lifted its stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 411.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,800 shares of the company’s stock after purchasing an additional 7,079 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Cullinan Therapeutics were worth $107,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CGEM. Federated Hermes Inc. boosted its holdings in Cullinan Therapeutics by 67.0% in the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock worth $46,000 after acquiring an additional 1,525 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Cullinan Therapeutics in the 4th quarter valued at $83,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Cullinan Therapeutics during the 4th quarter valued at $136,000. Optimize Financial Inc acquired a new position in Cullinan Therapeutics during the fourth quarter worth $143,000. Finally, China Universal Asset Management Co. Ltd. lifted its stake in shares of Cullinan Therapeutics by 10.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock valued at $150,000 after buying an additional 1,195 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CGEM shares. HC Wainwright reissued a “buy” rating and set a $33.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, April 16th. Morgan Stanley reissued an “overweight” rating and issued a $35.00 price objective (down from $38.00) on shares of Cullinan Therapeutics in a research note on Friday, March 7th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cullinan Therapeutics has an average rating of “Buy” and an average target price of $33.50.

Insider Activity

In related news, insider Jeffrey Alan Jones sold 4,895 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $41,754.35. Following the sale, the insider now owns 174,164 shares of the company’s stock, valued at approximately $1,485,618.92. The trade was a 2.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nadim Ahmed sold 12,529 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $106,872.37. Following the transaction, the chief executive officer now directly owns 430,621 shares of the company’s stock, valued at approximately $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. Insiders own 6.07% of the company’s stock.

Cullinan Therapeutics Stock Performance

Cullinan Therapeutics stock opened at $7.79 on Friday. The stock has a market cap of $459.55 million, a PE ratio of -2.74 and a beta of -0.07. Cullinan Therapeutics, Inc. has a fifty-two week low of $6.85 and a fifty-two week high of $29.08. The firm’s 50-day simple moving average is $8.12 and its 200 day simple moving average is $10.72.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.04. As a group, analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

Cullinan Therapeutics 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.