Patient Square Capital LP Buys Shares of 824,705 Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Patient Square Capital LP bought a new stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 824,705 shares of the company’s stock, valued at approximately $13,806,000. Cullinan Therapeutics accounts for about 5.1% of Patient Square Capital LP’s holdings, making the stock its 3rd biggest position. Patient Square Capital LP owned 1.42% of Cullinan Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of CGEM. SG Americas Securities LLC raised its position in shares of Cullinan Therapeutics by 757.2% during 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 period. Marshall Wace LLP lifted 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 acquiring an additional 1,136,993 shares in the last quarter. Braidwell LP boosted its holdings in Cullinan Therapeutics by 567.6% during the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after purchasing an additional 1,000,000 shares during the last quarter. E Fund Management Co. Ltd. bought a new position in Cullinan Therapeutics in the second quarter valued at $1,305,000. Finally, Bank of New York Mellon Corp increased its stake in Cullinan Therapeutics by 46.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock valued at $2,407,000 after buying an additional 43,757 shares during the last quarter. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ CGEM opened at $12.80 on Wednesday. Cullinan Therapeutics, Inc. has a 52 week low of $7.64 and a 52 week high of $30.19. The stock’s fifty day moving average is $15.50 and its 200 day moving average is $17.69. The stock has a market capitalization of $745.34 million, a P/E ratio of -4.51 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results 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. Equities research analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Insider Activity

In related news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the transaction, the insider now directly owns 107,942 shares of the company’s stock, valued at $1,688,212.88. The trade was a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.07% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CGEM. UBS Group initiated coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $30.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Finally, Wedbush reissued 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, Cullinan Therapeutics presently has an average rating of “Buy” and a consensus price target of $31.67.

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.