Y Intercept Hong Kong Ltd Takes Position in Cullinan Therapeutics, Inc. $CGEM

Y Intercept Hong Kong Ltd acquired a new stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 11,129 shares of the company’s stock, valued at approximately $84,000.

Several other hedge funds have also recently bought and sold shares of the business. Brooklyn Investment Group bought a new position in Cullinan Therapeutics during the first quarter valued at about $34,000. Corton Capital Inc. raised its stake in shares of Cullinan Therapeutics by 41.0% in the 1st quarter. Corton Capital Inc. now owns 16,842 shares of the company’s stock valued at $127,000 after acquiring an additional 4,898 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Cullinan Therapeutics in the 1st quarter worth approximately $163,000. EntryPoint Capital LLC lifted its holdings in Cullinan Therapeutics by 65.0% in the 1st quarter. EntryPoint Capital LLC now owns 24,190 shares of the company’s stock worth $183,000 after purchasing an additional 9,533 shares during the last quarter. Finally, AlphaQuest LLC bought a new stake in Cullinan Therapeutics during the first quarter worth approximately $190,000. 86.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder Lynx1 Capital Management Lp bought 165,667 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The stock was acquired at an average cost of $8.40 per share, for a total transaction of $1,391,602.80. Following the completion of the purchase, the insider owned 8,963,500 shares of the company’s stock, valued at $75,293,400. This trade represents a 1.88% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders purchased 1,874,057 shares of company stock worth $13,325,286 in the last quarter. Insiders own 7.16% of the company’s stock.

Cullinan Therapeutics Stock Performance

Shares of CGEM opened at $7.19 on Monday. The company has a 50-day simple moving average of $7.05 and a 200-day simple moving average of $7.63. Cullinan Therapeutics, Inc. has a 52 week low of $5.68 and a 52 week high of $17.50. The firm has a market capitalization of $424.74 million, a P/E ratio of -2.17 and a beta of -0.07.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.95) by $0.18. As a group, equities analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.