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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) major shareholder Lynx1 Capital Management Lp acquired 32,217 shares of the business’s stock in a transaction dated Friday, October 17th. The stock was purchased at an average price of $7.84 per share, with a total value of $252,581.28. Following the completion of the transaction, 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s shares 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 bought 150,000 shares of Cullinan Therapeutics stock. The stock was acquired at an average price of $8.86 per share, for a total transaction of $1,329,000.00.
• On Wednesday, October 15th, Lynx1 Capital Management Lp acquired 51,500 shares of Cullinan Therapeutics stock. The stock was bought at an average price of $7.94 per share, for a total transaction of $408,910.00.
• On Tuesday, October 14th, Lynx1 Capital Management Lp acquired 15,032 shares of Cullinan Therapeutics stock. The shares were bought at an average price of $7.59 per share, for a total transaction of $114,092.88.
• On Friday, October 10th, Lynx1 Capital Management Lp purchased 277,298 shares of Cullinan Therapeutics stock. The shares were purchased at an average price of $7.36 per share, for a total transaction of $2,040,913.28.
• On Thursday, October 9th, Lynx1 Capital Management Lp bought 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 acquired at an average cost of $6.46 per share, with a total value of $3,593,698.00.

Cullinan Therapeutics Trading Down 4.2%

Shares of NASDAQ:CGEM opened at $8.12 on Thursday. The stock’s 50-day moving average price is $7.04 and its 200-day moving average price is $7.64. Cullinan Therapeutics, Inc. has a 12-month low of $5.68 and a 12-month high of $17.50. The stock has a market capitalization of $479.65 million, a P/E ratio of -2.51 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.83) by ($0.24). As a group, research analysts predict that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CGEM. Zacks Research raised Cullinan Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Morgan Stanley lowered their target price on Cullinan Therapeutics from $35.00 to $28.00 and set an “overweight” rating for the company in a research note on Monday, August 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Cullinan Therapeutics in a report on Wednesday, October 8th. HC Wainwright reiterated a “buy” rating and issued a $24.00 price target on shares of Cullinan Therapeutics in a research note on Friday, September 12th. Finally, BTIG Research reissued a “buy” rating and issued a $32.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 10th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cullinan Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $26.00.

Institutional Trading of Cullinan Therapeutics

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Cullinan Therapeutics by 3.5% in the first quarter. Vanguard Group Inc. now owns 3,039,731 shares of the company’s stock worth $23,011,000 after purchasing an additional 103,504 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Cullinan Therapeutics by 0.4% in the second quarter. Franklin Resources Inc. now owns 2,228,160 shares of the company’s stock worth $16,778,000 after buying an additional 8,399 shares in the last quarter. Geode Capital Management LLC grew its stake in Cullinan Therapeutics by 3.0% during the second quarter. Geode Capital Management LLC now owns 1,279,496 shares of the company’s stock valued at $9,636,000 after acquiring an additional 37,679 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Cullinan Therapeutics by 26.1% during the 2nd quarter. Bank of America Corp DE now owns 661,285 shares of the company’s stock valued at $4,979,000 after acquiring an additional 136,900 shares during the last quarter. Finally, Marshall Wace LLP grew its position in Cullinan Therapeutics by 10.3% in the second quarter. Marshall Wace LLP now owns 626,581 shares of the company’s stock worth $4,718,000 after acquiring an additional 58,582 shares in the last quarter. Institutional investors own 86.31% of the company’s stock.

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.