Lynx1 Capital Management Lp Buys 51,500 Shares of Cullinan Therapeutics (NASDAQ:CGEM) Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) major shareholder Lynx1 Capital Management Lp acquired 51,500 shares of the business’s stock in a transaction dated Wednesday, October 15th. The stock was acquired at an average cost of $7.94 per share, with a total value of $408,910.00. Following the purchase, the insider directly owned 8,615,616 shares in the company, valued at $68,407,991.04. This represents a 0.60% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Friday, October 17th, Lynx1 Capital Management Lp purchased 32,217 shares of Cullinan Therapeutics stock. The stock was acquired at an average cost of $7.84 per share, with a total value of $252,581.28.
• On Thursday, October 16th, Lynx1 Capital Management Lp acquired 150,000 shares of Cullinan Therapeutics stock. The shares were bought at an average cost of $8.86 per share, for a total transaction of $1,329,000.00.
• On Tuesday, October 14th, Lynx1 Capital Management Lp bought 15,032 shares of Cullinan Therapeutics stock. The stock was bought at an average cost of $7.59 per share, with a total value of $114,092.88.
• On Friday, October 10th, Lynx1 Capital Management Lp bought 277,298 shares of Cullinan Therapeutics stock. The shares were bought at an average price of $7.36 per share, with a total value of $2,040,913.28.
• On Thursday, October 9th, Lynx1 Capital Management Lp purchased 626,043 shares of Cullinan Therapeutics stock. The stock was bought at an average cost of $6.70 per share, for a total transaction of $4,194,488.10.
• On Wednesday, October 8th, Lynx1 Capital Management Lp acquired 556,300 shares of Cullinan Therapeutics stock. The shares were bought at an average cost of $6.46 per share, with a total value of $3,593,698.00.

Cullinan Therapeutics Stock Down 4.2%

Shares of NASDAQ CGEM opened at $8.12 on Thursday. The firm’s fifty day moving average is $7.04 and its 200 day moving average is $7.64. Cullinan Therapeutics, Inc. has a 52 week low of $5.68 and a 52 week high of $17.50. The company has a market cap of $479.65 million, a price-to-earnings ratio of -2.51 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.24). Equities research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Cullinan Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nuveen LLC bought a new stake in shares of Cullinan Therapeutics during the 1st quarter valued at $1,423,000. Algert Global LLC grew its holdings in Cullinan Therapeutics by 411.5% in the first quarter. Algert Global LLC now owns 221,430 shares of the company’s stock worth $1,676,000 after purchasing an additional 178,138 shares during the period. Assenagon Asset Management S.A. grew its holdings in Cullinan Therapeutics by 1,665.9% in the third quarter. Assenagon Asset Management S.A. now owns 177,685 shares of the company’s stock worth $1,054,000 after purchasing an additional 167,623 shares during the period. Bank of America Corp DE increased its stake in shares of Cullinan Therapeutics by 26.1% during the second quarter. Bank of America Corp DE now owns 661,285 shares of the company’s stock valued at $4,979,000 after purchasing an additional 136,900 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Cullinan Therapeutics by 145.9% during the first quarter. Jane Street Group LLC now owns 34,396 shares of the company’s stock valued at $260,000 after purchasing an additional 109,413 shares during the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

About Cullinan Therapeutics

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.