Sphera Funds Management LTD. Acquires 19,129 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Sphera Funds Management LTD. increased its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 10.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 205,000 shares of the company’s stock after purchasing an additional 19,129 shares during the period. Sphera Funds Management LTD.’s holdings in Cullinan Therapeutics were worth $2,497,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in Cullinan Therapeutics by 25.1% in the third quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company’s stock worth $487,000 after purchasing an additional 5,842 shares in the last quarter. Barclays PLC lifted its position in Cullinan Therapeutics by 26.0% during the 3rd quarter. Barclays PLC now owns 248,614 shares of the company’s stock worth $4,161,000 after acquiring an additional 51,300 shares during the last quarter. New York State Common Retirement Fund lifted its position in Cullinan Therapeutics by 32.9% during the 4th quarter. New York State Common Retirement Fund now owns 12,918 shares of the company’s stock worth $157,000 after acquiring an additional 3,200 shares during the last quarter. Rhumbline Advisers lifted its position in Cullinan Therapeutics by 8.5% during the 4th quarter. Rhumbline Advisers now owns 68,208 shares of the company’s stock worth $831,000 after acquiring an additional 5,348 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Cullinan Therapeutics by 2.4% during the 4th quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock worth $725,000 after acquiring an additional 1,395 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Jeffrey Alan Jones sold 4,895 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $41,754.35. Following the completion of the transaction, the insider now owns 174,164 shares of the company’s stock, 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 SEC, which is available at this hyperlink. Also, CEO Nadim Ahmed sold 12,529 shares of the 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 completion of the transaction, the chief executive officer now directly owns 430,621 shares of the company’s stock, valued at $3,673,197.13. This trade represents a 2.83% decrease in their position. The disclosure for this sale can be found here. 7.16% of the stock is owned by company insiders.

Cullinan Therapeutics Stock Performance

Shares of CGEM opened at $7.24 on Friday. The company has a 50-day simple moving average of $8.03 and a 200-day simple moving average of $10.43. The firm has a market capitalization of $427.27 million, a P/E ratio of -2.55 and a beta of -0.07. Cullinan Therapeutics, Inc. has a 52 week low of $6.85 and a 52 week high of $26.80.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.74) EPS for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.04. As a group, equities analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on CGEM. UBS Group cut their target price on shares of Cullinan Therapeutics from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Monday. Morgan Stanley reissued an “overweight” rating and set a $35.00 target price (down previously from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. Finally, 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cullinan Therapeutics presently has an average rating of “Buy” and an average price target of $32.00.

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.