BIT Capital GmbH Takes Position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

BIT Capital GmbH bought a new position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 94,344 shares of the company’s stock, valued at approximately $1,149,000. BIT Capital GmbH owned about 0.16% of Cullinan Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. KLP Kapitalforvaltning AS acquired a new stake in shares of Cullinan Therapeutics during the fourth quarter worth $83,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Cullinan Therapeutics during the fourth quarter worth about $136,000. China Universal Asset Management Co. Ltd. boosted its stake in Cullinan Therapeutics by 10.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 12,346 shares of the company’s stock worth $150,000 after buying an additional 1,195 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Cullinan Therapeutics by 32.9% in the 4th quarter. New York State Common Retirement Fund now owns 12,918 shares of the company’s stock valued at $157,000 after buying an additional 3,200 shares during the period. Finally, EntryPoint Capital LLC purchased a new stake in Cullinan Therapeutics in the 4th quarter valued at about $179,000. 86.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Morgan Stanley reissued an “overweight” rating and issued a $35.00 target price (down from $38.00) on shares of Cullinan Therapeutics in a research report on Friday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $33.00 price target on shares of Cullinan Therapeutics in a report on Friday, February 28th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $32.86.

Insiders Place Their Bets

In related news, CEO Nadim Ahmed sold 12,529 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $8.53, for a total transaction of $106,872.37. Following the sale, the chief executive officer now directly owns 430,621 shares in the company, valued at approximately $3,673,197.13. This trade represents a 2.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jeffrey Alan Jones sold 4,895 shares of the business’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 $41,754.35. Following the transaction, the insider now directly owns 174,164 shares in the company, valued at $1,485,618.92. This trade represents a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,424 shares of company stock worth $198,667 over the last quarter. 6.07% of the stock is owned by corporate insiders.

Cullinan Therapeutics Stock Down 2.5 %

Shares of CGEM stock opened at $8.09 on Thursday. Cullinan Therapeutics, Inc. has a fifty-two week low of $7.90 and a fifty-two week high of $30.19. The firm’s 50 day moving average price is $9.39 and its two-hundred day moving average price is $12.72. The stock has a market cap of $473.37 million, a price-to-earnings ratio of -2.85 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, February 27th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.75) by $0.02. On average, equities analysts forecast that Cullinan Therapeutics, Inc. will post -3.04 EPS for the current fiscal year.

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.