Martingale Asset Management L P Grows Stock Holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Martingale Asset Management L P lifted its holdings in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 134.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,842 shares of the company’s stock after purchasing an additional 18,820 shares during the quarter. Martingale Asset Management L P owned about 0.06% of Cullinan Therapeutics worth $550,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. SG Americas Securities LLC increased its position in Cullinan Therapeutics by 757.2% during the second quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock worth $1,485,000 after purchasing an additional 75,236 shares during the last quarter. Marshall Wace LLP increased its position in Cullinan Therapeutics by 2,416.9% during the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after purchasing an additional 1,136,993 shares in the last quarter. E Fund Management Co. Ltd. purchased a new position in Cullinan Therapeutics in the second quarter valued at approximately $1,305,000. Bank of New York Mellon Corp lifted its position in Cullinan Therapeutics by 46.4% during the second quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock valued at $2,407,000 after buying an additional 43,757 shares in the last quarter. Finally, Perceptive Advisors LLC purchased a new stake in Cullinan Therapeutics during the second quarter worth approximately $13,079,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Insider Activity

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $18.09, for a total transaction of $144,720.00. Following the transaction, the insider now owns 115,942 shares of the company’s stock, valued at $2,097,390.78. This trade represents a 6.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 6.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CGEM. UBS Group started coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Finally, Wedbush reissued an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cullinan Therapeutics currently has an average rating of “Buy” and a consensus price target of $31.67.

Cullinan Therapeutics Stock Performance

Shares of Cullinan Therapeutics stock opened at $12.80 on Wednesday. Cullinan Therapeutics, Inc. has a 1-year low of $7.64 and a 1-year high of $30.19. The business has a 50-day moving average of $15.50 and a 200-day moving average of $17.69.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.09. As a group, analysts predict that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

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.