Renaissance Technologies LLC Trims Stake in Cullinan Therapeutics, Inc. $CGEM

Renaissance Technologies LLC lowered its position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 48.7% during the 1st quarter, HoldingsChannel reports. The firm owned 324,111 shares of the company’s stock after selling 307,595 shares during the period. Renaissance Technologies LLC’s holdings in Cullinan Therapeutics were worth $4,606,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Cullinan Therapeutics by 1.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,051 shares of the company’s stock worth $497,000 after buying an additional 888 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after acquiring an additional 1,036 shares in the last quarter. AlphaCentric Advisors LLC raised its holdings in shares of Cullinan Therapeutics by 5.7% in the 1st quarter. AlphaCentric Advisors LLC now owns 20,135 shares of the company’s stock valued at $286,000 after acquiring an additional 1,094 shares in the last quarter. Kennedy Capital Management LLC boosted its position in shares of Cullinan Therapeutics by 2.7% during the 4th quarter. Kennedy Capital Management LLC now owns 47,266 shares of the company’s stock valued at $489,000 after acquiring an additional 1,255 shares during the last quarter. Finally, CWM LLC boosted its position in shares of Cullinan Therapeutics by 51.5% during the 4th quarter. CWM LLC now owns 3,876 shares of the company’s stock valued at $40,000 after acquiring an additional 1,318 shares during the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Analyst Upgrades and Downgrades

CGEM has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Wall Street Zen lowered shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. BTIG Research boosted their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Wedbush reissued an “outperform” rating and issued a $37.00 price target on shares of Cullinan Therapeutics in a report on Thursday, June 11th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, June 8th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.14.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $17.82, for a total transaction of $142,560.00. Following the transaction, the insider directly owned 162,844 shares of the company’s stock, valued at approximately $2,901,880.08. This trade represents a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 8.60% of the company’s stock.

Cullinan Therapeutics Trading Up 1.9%

Shares of Cullinan Therapeutics stock opened at $17.95 on Friday. The firm has a market capitalization of $1.10 billion, a PE ratio of -5.34 and a beta of 0.01. Cullinan Therapeutics, Inc. has a 12 month low of $5.68 and a 12 month high of $19.43. The business’s 50-day moving average price is $16.57 and its 200-day moving average price is $14.78.

Cullinan Therapeutics (NASDAQ:CGEM) last released its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.01). As a group, analysts predict that Cullinan Therapeutics, Inc. will post -3.06 earnings per share for the current fiscal year.

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.