ExodusPoint Capital Management LP Purchases Shares of 23,500 Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

ExodusPoint Capital Management LP acquired a new position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 23,500 shares of the company’s stock, valued at approximately $286,000.

Several other hedge funds also recently modified their holdings of CGEM. Geode Capital Management LLC grew its stake in Cullinan Therapeutics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,214,641 shares of the company’s stock valued at $14,798,000 after purchasing an additional 6,220 shares in the last quarter. Franklin Resources Inc. increased its holdings in Cullinan Therapeutics by 0.4% during the fourth quarter. Franklin Resources Inc. now owns 2,199,709 shares of the company’s stock worth $26,792,000 after buying an additional 8,447 shares during the last quarter. Alliancebernstein L.P. raised its position in Cullinan Therapeutics by 8.5% during the fourth 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 in the last quarter. Wellington Management Group LLP lifted its stake in Cullinan Therapeutics by 25.4% in the fourth quarter. Wellington Management Group LLP now owns 132,976 shares of the company’s stock valued at $1,620,000 after acquiring an additional 26,951 shares during the last quarter. Finally, NEOS Investment Management LLC grew its position in shares of Cullinan Therapeutics by 10.9% in the 4th quarter. NEOS Investment Management LLC now owns 28,433 shares of the company’s stock valued at $346,000 after acquiring an additional 2,793 shares during the period. Institutional investors own 86.31% of the company’s stock.

Insider Transactions at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 12,529 shares of the firm’s 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey Alan Jones sold 4,895 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $41,754.35. Following the completion of the sale, the insider now directly owns 174,164 shares of the company’s stock, valued at $1,485,618.92. This represents a 2.73 % decrease in their position. The disclosure for this sale can be found here. Insiders own 6.07% of the company’s stock.

Cullinan Therapeutics Stock Up 1.7 %

Shares of CGEM stock opened at $7.71 on Monday. Cullinan Therapeutics, Inc. has a 12-month low of $6.85 and a 12-month high of $30.19. The company has a market capitalization of $451.14 million, a PE ratio of -2.71 and a beta of -0.05. The firm has a 50 day moving average price of $8.60 and a two-hundred day moving average price of $11.76.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly 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. As a group, research analysts expect that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.