Verition Fund Management LLC Acquires Shares of 36,624 Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Verition Fund Management LLC bought a new stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 36,624 shares of the company’s stock, valued at approximately $613,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CGEM. Deerfield Management Company L.P. Series C increased its position in Cullinan Therapeutics by 188.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after purchasing an additional 2,141,706 shares during the period. Marshall Wace LLP boosted its stake in shares of Cullinan Therapeutics by 2,416.9% in the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after purchasing an additional 1,136,993 shares during the last quarter. Perceptive Advisors LLC acquired a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth approximately $13,079,000. Charles Schwab Investment Management Inc. raised its stake in shares of Cullinan Therapeutics by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company’s stock worth $7,097,000 after buying an additional 53,328 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Cullinan Therapeutics by 31.3% in the second quarter. Renaissance Technologies LLC now owns 421,708 shares of the company’s stock valued at $7,355,000 after buying an additional 100,608 shares during the period. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Trading Down 1.2 %

CGEM stock opened at $12.55 on Wednesday. Cullinan Therapeutics, Inc. has a 1-year low of $7.64 and a 1-year high of $30.19. The firm has a market cap of $730.76 million, a PE ratio of -4.42 and a beta of -0.18. The business’s 50-day moving average price is $15.00 and its two-hundred day moving average price is $17.24.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.09. On average, analysts forecast that Cullinan Therapeutics, Inc. will post -3.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on CGEM shares. HC Wainwright reaffirmed a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Wedbush reiterated an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Finally, UBS Group began coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $30.00 target price on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cullinan Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $31.67.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the completion of the transaction, the insider now directly owns 107,942 shares of the company’s stock, valued at $1,688,212.88. This represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.07% of the company’s stock.

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.