Ameriprise Financial Inc. Raises Stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Ameriprise Financial Inc. raised its position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 20.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 504,264 shares of the company’s stock after purchasing an additional 86,756 shares during the quarter. Ameriprise Financial Inc. owned 0.87% of Cullinan Therapeutics worth $6,142,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in shares of Cullinan Therapeutics by 25.1% in the third quarter. JPMorgan Chase & Co. now owns 29,110 shares of the company’s stock worth $487,000 after buying an additional 5,842 shares in the last quarter. Barclays PLC lifted its holdings in shares of Cullinan Therapeutics by 26.0% in the third quarter. Barclays PLC now owns 248,614 shares of the company’s stock worth $4,161,000 after buying an additional 51,300 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Cullinan Therapeutics by 32.9% in the fourth quarter. New York State Common Retirement Fund now owns 12,918 shares of the company’s stock worth $157,000 after buying an additional 3,200 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Cullinan Therapeutics by 8.5% in the fourth quarter. Rhumbline Advisers now owns 68,208 shares of the company’s stock worth $831,000 after buying an additional 5,348 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Cullinan Therapeutics by 2.4% in the fourth quarter. Invesco Ltd. now owns 59,553 shares of the company’s stock worth $725,000 after buying an additional 1,395 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Insider Transactions at Cullinan Therapeutics

In related news, CEO Nadim Ahmed sold 12,529 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $8.53, for a total transaction of $106,872.37. Following the completion of the transaction, the chief executive officer now directly owns 430,621 shares of the company’s stock, valued at approximately $3,673,197.13. The trade was a 2.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey Alan Jones sold 4,895 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total transaction of $41,754.35. Following the transaction, the insider now directly owns 174,164 shares of the company’s stock, valued at approximately $1,485,618.92. This represents a 2.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 7.16% of the company’s stock.

Cullinan Therapeutics Price Performance

NASDAQ:CGEM opened at $7.81 on Friday. The firm has a market capitalization of $460.91 million, a price-to-earnings ratio of -2.75 and a beta of -0.07. Cullinan Therapeutics, Inc. has a 1 year low of $6.85 and a 1 year high of $24.99. The business has a 50 day simple moving average of $7.90 and a 200-day simple moving average of $10.09.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.04. As a group, analysts expect that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on CGEM shares. UBS Group lowered their target price on shares of Cullinan Therapeutics from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Morgan Stanley restated an “overweight” rating and issued a $35.00 price target (down previously from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. Finally, HC Wainwright restated a “buy” rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, April 16th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $32.00.

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.