Optimize Financial Inc Purchases Shares of 11,755 Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Optimize Financial Inc acquired a new position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) in the 4th quarter, Holdings Channel reports. The fund acquired 11,755 shares of the company’s stock, valued at approximately $143,000.

Several other institutional investors also recently modified their holdings of CGEM. Federated Hermes Inc. grew its stake in Cullinan Therapeutics by 67.0% in the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock worth $46,000 after buying an additional 1,525 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Cullinan Therapeutics during the 4th quarter worth $83,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Cullinan Therapeutics in the fourth quarter worth $136,000. China Universal Asset Management Co. Ltd. increased its stake in Cullinan Therapeutics by 10.7% in 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 during the last quarter. Finally, New York State Common Retirement Fund raised its position in Cullinan Therapeutics by 32.9% during the fourth quarter. New York State Common Retirement Fund now owns 12,918 shares of the company’s stock valued at $157,000 after purchasing an additional 3,200 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CGEM shares. HC Wainwright reiterated a “buy” rating and issued a $33.00 price objective on shares of Cullinan Therapeutics in a report on Friday, February 28th. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target (down from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cullinan Therapeutics currently has a consensus rating of “Buy” and an average price target of $32.86.

Cullinan Therapeutics Stock Performance

NASDAQ:CGEM opened at $7.71 on Monday. Cullinan Therapeutics, Inc. has a fifty-two week low of $6.85 and a fifty-two week high of $30.19. The business has a 50 day moving average price of $8.60 and a 200-day moving average price of $11.76. The firm has a market cap of $451.14 million, a PE ratio of -2.71 and a beta of -0.05.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.75) by $0.02. Research analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Insider Buying and Selling

In related news, insider Jeffrey Alan Jones sold 4,895 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total value of $41,754.35. Following the completion of the sale, the insider now owns 174,164 shares of the company’s stock, valued at $1,485,618.92. This trade represents a 2.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Nadim Ahmed sold 12,529 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $106,872.37. Following the transaction, the chief executive officer now directly owns 430,621 shares in the company, valued at approximately $3,673,197.13. The trade was a 2.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.07% of the stock is owned by insiders.

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.