Patient Square Capital LP Invests $13.81 Million in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Patient Square Capital LP purchased a new stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 824,705 shares of the company’s stock, valued at approximately $13,806,000. Cullinan Therapeutics comprises approximately 5.1% of Patient Square Capital LP’s investment portfolio, making the stock its 3rd biggest position.

A number of other large investors also recently modified their holdings of the stock. SG Americas Securities LLC boosted its position in Cullinan Therapeutics by 757.2% in 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 grew its stake in Cullinan Therapeutics by 2,416.9% in the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after buying an additional 1,136,993 shares in the last quarter. Braidwell LP grew its holdings in Cullinan Therapeutics by 567.6% during the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock valued at $19,689,000 after buying an additional 1,000,000 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in Cullinan Therapeutics during the 2nd quarter worth approximately $1,305,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Cullinan Therapeutics by 46.4% in the second quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock worth $2,407,000 after purchasing an additional 43,757 shares during the period. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Down 2.8 %

Shares of Cullinan Therapeutics stock opened at $12.80 on Wednesday. The company’s fifty day simple moving average is $15.50 and its two-hundred day simple moving average is $17.69. Cullinan Therapeutics, Inc. has a 12-month low of $7.64 and a 12-month high of $30.19. The firm has a market cap of $745.34 million, a PE ratio of -4.51 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. As a group, sell-side analysts expect that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CGEM. UBS Group began coverage on shares of Cullinan Therapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Finally, Wedbush reiterated an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $31.67.

Insider Activity

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

Cullinan Therapeutics 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.