Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Shares Bought by Patient Square Capital LP

Patient Square Capital LP raised its position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 6.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 878,897 shares of the company’s stock after purchasing an additional 54,192 shares during the quarter. Cullinan Therapeutics accounts for 4.0% of Patient Square Capital LP’s portfolio, making the stock its 4th largest position. Patient Square Capital LP’s holdings in Cullinan Therapeutics were worth $10,705,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. China Universal Asset Management Co. Ltd. boosted its holdings in 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 purchasing an additional 1,195 shares during the last quarter. Invesco Ltd. raised its position in Cullinan Therapeutics by 2.4% during the fourth quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock valued at $725,000 after acquiring an additional 1,395 shares in the last quarter. Federated Hermes Inc. lifted 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 valued at $46,000 after acquiring an additional 1,525 shares during the period. Virtus ETF Advisers LLC grew its stake in shares of Cullinan Therapeutics by 37.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock worth $71,000 after purchasing an additional 1,600 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in shares of Cullinan Therapeutics by 7.4% during the 4th quarter. MetLife Investment Management LLC now owns 32,058 shares of the company’s stock valued at $390,000 after purchasing an additional 2,217 shares in the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Nadim Ahmed sold 12,529 shares of the company’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 completion of the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $41,754.35. Following the completion of 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 disclosure for this sale can be found here. 7.16% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. UBS Group lowered their price target on shares of Cullinan Therapeutics from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Monday. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 price target (down previously from $38.00) on shares of Cullinan Therapeutics in a report on Friday, March 7th. Finally, HC Wainwright reiterated a “buy” rating and set a $33.00 price target 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, the company currently has a consensus rating of “Buy” and a consensus price target of $32.00.

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM opened at $7.62 on Wednesday. The stock has a market capitalization of $449.69 million, a PE ratio of -2.68 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 $28.11. The company has a fifty day moving average of $8.08 and a two-hundred day moving average of $10.51.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, May 8th. The company reported ($0.74) EPS for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.04. Research analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current 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.