Walleye Capital LLC Sells 171,920 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Walleye Capital LLC decreased its holdings in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 52.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 156,497 shares of the company’s stock after selling 171,920 shares during the period. Walleye Capital LLC’s holdings in Cullinan Therapeutics were worth $1,906,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Federated Hermes Inc. increased its stake in shares of Cullinan Therapeutics by 67.0% during the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock valued at $46,000 after buying an additional 1,525 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Cullinan Therapeutics during the 4th quarter valued at $83,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Cullinan Therapeutics in the 4th quarter worth $136,000. Optimize Financial Inc purchased a new stake in shares of Cullinan Therapeutics in the 4th quarter worth about $143,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of Cullinan Therapeutics by 10.7% during the 4th 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 in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Performance

CGEM stock opened at $7.89 on Friday. The firm has a 50 day moving average price of $8.36 and a 200-day moving average price of $11.51. Cullinan Therapeutics, Inc. has a 52-week low of $6.85 and a 52-week high of $30.19. The firm has a market capitalization of $461.67 million, a price-to-earnings ratio of -2.78 and a beta of -0.05.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, February 27th. The company reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.02. As a group, sell-side analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CGEM has been the subject of a number of research reports. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday. Morgan Stanley restated an “overweight” rating and issued a $35.00 target price (down previously from $38.00) on shares of Cullinan Therapeutics in a research note on Friday, March 7th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $34.80.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 12,529 shares of Cullinan Therapeutics stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total value 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 trade represents a 2.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey Alan Jones sold 4,895 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total value of $41,754.35. Following the sale, the insider now directly owns 174,164 shares in the company, valued at $1,485,618.92. This trade represents a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.07% of the stock is currently owned by insiders.

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.