Franklin Resources Inc. Buys 8,447 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Franklin Resources Inc. increased its stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 0.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,199,709 shares of the company’s stock after purchasing an additional 8,447 shares during the period. Franklin Resources Inc. owned 3.78% of Cullinan Therapeutics worth $26,792,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. grew its stake in Cullinan Therapeutics by 10.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock valued at $150,000 after acquiring an additional 1,195 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cullinan Therapeutics by 3.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company’s stock valued at $1,187,000 after purchasing an additional 2,377 shares during the period. NEOS Investment Management LLC grew its position in shares of Cullinan Therapeutics by 10.9% during the 4th quarter. NEOS Investment Management LLC now owns 28,433 shares of the company’s stock valued at $346,000 after purchasing an additional 2,793 shares in the last quarter. New York State Common Retirement Fund increased its holdings in shares of Cullinan Therapeutics by 32.9% in the fourth quarter. New York State Common Retirement Fund now owns 12,918 shares of the company’s stock worth $157,000 after purchasing an additional 3,200 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Cullinan Therapeutics by 8.5% in the fourth quarter. Rhumbline Advisers now owns 68,208 shares of the company’s stock worth $831,000 after buying an additional 5,348 shares in the last quarter. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Down 1.1 %

Cullinan Therapeutics stock opened at $7.41 on Friday. The firm has a fifty day simple moving average of $9.02 and a two-hundred day simple moving average of $12.23. Cullinan Therapeutics, Inc. has a twelve month low of $7.11 and a twelve month high of $30.19. The company has a market capitalization of $433.58 million, a PE ratio of -2.61 and a beta of -0.05.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.75) by $0.02. As a group, equities analysts expect that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 12,529 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total value of $106,872.37. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer Michaelson sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $12.51, for a total value of $50,040.00. Following the transaction, the insider now directly owns 95,760 shares of the company’s stock, valued at $1,197,957.60. The trade was a 4.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,424 shares of company stock worth $198,667. 6.07% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CGEM has been the topic of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a report on Friday, February 28th. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 target price (down from $38.00) on shares of Cullinan Therapeutics in a research note on Friday, March 7th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Therapeutics has an average rating of “Buy” and a consensus price target of $32.86.

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.