Insider Buying: Cullinan Therapeutics (NASDAQ:CGEM) Major Shareholder Buys $4,194,488.10 in Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) major shareholder Lynx1 Capital Management Lp bought 626,043 shares of the firm’s stock in a transaction dated Thursday, October 9th. The shares were bought at an average price of $6.70 per share, with a total value of $4,194,488.10. Following the completion of the transaction, the insider directly owned 8,271,786 shares in the company, valued at approximately $55,420,966.20. This trade represents a 8.19% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Lynx1 Capital Management Lp also recently made the following trade(s):

• On Friday, October 10th, Lynx1 Capital Management Lp acquired 277,298 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $7.36 per share, for a total transaction of $2,040,913.28.
• On Wednesday, October 8th, Lynx1 Capital Management Lp bought 556,300 shares of Cullinan Therapeutics stock. The stock was purchased at an average cost of $6.46 per share, with a total value of $3,593,698.00.

Cullinan Therapeutics Stock Up 5.0%

Shares of NASDAQ CGEM opened at $7.40 on Monday. Cullinan Therapeutics, Inc. has a twelve month low of $5.68 and a twelve month high of $17.98. The stock has a market cap of $437.12 million, a price-to-earnings ratio of -2.29 and a beta of -0.12. The company’s fifty day moving average is $6.93 and its 200-day moving average is $7.60.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.24). On average, research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Zacks Research upgraded Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. BTIG Research reaffirmed a “buy” rating and issued a $32.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, September 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Wednesday, October 8th. Morgan Stanley cut their price objective on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a research report on Monday, August 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $24.00 target price on shares of Cullinan Therapeutics in a report on Friday, September 12th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $26.00.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of CGEM. Brooklyn Investment Group bought a new stake in Cullinan Therapeutics during the first quarter worth about $34,000. GAMMA Investing LLC raised its stake in shares of Cullinan Therapeutics by 1,214.8% during the 1st quarter. GAMMA Investing LLC now owns 6,995 shares of the company’s stock worth $53,000 after purchasing an additional 6,463 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Cullinan Therapeutics by 44.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,182 shares of the company’s stock worth $62,000 after purchasing an additional 2,523 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at approximately $84,000. Finally, Massar Capital Management LP bought a new position in shares of Cullinan Therapeutics in the second quarter valued at $101,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.