Cullinan Therapeutics (NASDAQ:CGEM) Major Shareholder Lynx1 Capital Management Lp Buys 32,217 Shares of Stock

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) major shareholder Lynx1 Capital Management Lp acquired 32,217 shares of the company’s stock in a transaction on Friday, October 17th. The shares were purchased at an average cost of $7.84 per share, with a total value of $252,581.28. Following the completion of the purchase, the insider directly owned 8,797,833 shares of the company’s stock, valued at $68,975,010.72. This trade represents a 0.37% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Thursday, October 16th, Lynx1 Capital Management Lp acquired 150,000 shares of Cullinan Therapeutics stock. The shares were purchased at an average cost of $8.86 per share, with a total value of $1,329,000.00.
• On Wednesday, October 15th, Lynx1 Capital Management Lp bought 51,500 shares of Cullinan Therapeutics stock. The shares were acquired at an average price of $7.94 per share, with a total value of $408,910.00.
• On Tuesday, October 14th, Lynx1 Capital Management Lp bought 15,032 shares of Cullinan Therapeutics stock. The shares were acquired at an average price 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 acquired 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 acquired 626,043 shares of Cullinan Therapeutics stock. The stock was purchased at an average price of $6.70 per share, with a total value of $4,194,488.10.
• On Wednesday, October 8th, Lynx1 Capital Management Lp acquired 556,300 shares of Cullinan Therapeutics stock. The stock was purchased at an average price of $6.46 per share, with a total value of $3,593,698.00.

Cullinan Therapeutics Price Performance

CGEM stock opened at $8.48 on Wednesday. The business has a 50-day moving average price of $7.03 and a 200 day moving average price of $7.63. The company has a market capitalization of $500.91 million, a P/E ratio of -2.63 and a beta of -0.12. Cullinan Therapeutics, Inc. has a 1-year low of $5.68 and a 1-year high of $17.50.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results 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, analysts anticipate that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in Cullinan Therapeutics in the 1st quarter valued at $1,423,000. Algert Global LLC increased its stake in shares of Cullinan Therapeutics by 411.5% in the 1st quarter. Algert Global LLC now owns 221,430 shares of the company’s stock worth $1,676,000 after acquiring an additional 178,138 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Cullinan Therapeutics by 1,665.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 177,685 shares of the company’s stock worth $1,054,000 after acquiring an additional 167,623 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Cullinan Therapeutics by 26.1% in the 2nd quarter. Bank of America Corp DE now owns 661,285 shares of the company’s stock worth $4,979,000 after acquiring an additional 136,900 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Cullinan Therapeutics by 145.9% in the 1st quarter. Jane Street Group LLC now owns 34,396 shares of the company’s stock worth $260,000 after acquiring an additional 109,413 shares during the last quarter. 86.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CGEM has been the topic of several recent research reports. Zacks Research upgraded Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. HC Wainwright restated a “buy” rating and issued a $24.00 price objective on shares of Cullinan Therapeutics in a research report on Friday, September 12th. Morgan Stanley lowered their price objective on Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating on the stock in a research report on Monday, August 18th. BTIG Research restated a “buy” rating and issued a $32.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, September 10th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, October 8th. Five 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $26.00.

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.