Geode Capital Management LLC Acquires 6,220 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Geode Capital Management LLC grew its holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 0.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,214,641 shares of the company’s stock after acquiring an additional 6,220 shares during the period. Geode Capital Management LLC owned about 2.09% of Cullinan Therapeutics worth $14,798,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in CGEM. Franklin Resources Inc. lifted its holdings in Cullinan Therapeutics by 0.4% in the 4th quarter. Franklin Resources Inc. now owns 2,199,709 shares of the company’s stock worth $26,792,000 after purchasing an additional 8,447 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Cullinan Therapeutics by 8.5% during the fourth quarter. Alliancebernstein L.P. now owns 2,011,525 shares of the company’s stock valued at $24,500,000 after buying an additional 157,115 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cullinan Therapeutics by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 430,971 shares of the company’s stock worth $5,249,000 after buying an additional 7,012 shares in the last quarter. Barclays PLC boosted its position in shares of Cullinan Therapeutics by 26.0% during the third quarter. Barclays PLC now owns 248,614 shares of the company’s stock worth $4,161,000 after acquiring an additional 51,300 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Cullinan Therapeutics by 580.9% during the fourth quarter. JPMorgan Chase & Co. now owns 198,214 shares of the company’s stock valued at $2,414,000 after acquiring an additional 169,104 shares in the last quarter. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Performance

Shares of Cullinan Therapeutics stock opened at $7.89 on Monday. The stock has a market cap of $461.67 million, a price-to-earnings ratio of -2.78 and a beta of -0.05. The stock has a 50 day moving average price of $8.36 and a 200-day moving average price of $11.45. Cullinan Therapeutics, Inc. has a one year low of $6.85 and a one year high of $30.19.

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

Insider Buying and Selling

In other news, insider Jeffrey Alan Jones sold 4,895 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 174,164 shares in the company, valued at approximately $1,485,618.92. This represents a 2.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Nadim Ahmed sold 12,529 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 430,621 shares of the company’s stock, valued at $3,673,197.13. This represents 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 corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CGEM. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price target (down previously from $38.00) on shares of Cullinan Therapeutics in a research note on Friday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $33.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, April 16th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $34.80.

Cullinan Therapeutics 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.