Elmind Capital LP Buys Shares of 690,000 Cullinan Therapeutics, Inc. $CGEM

Elmind Capital LP purchased a new position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 690,000 shares of the company’s stock, valued at approximately $12,564,900,000. Cullinan Therapeutics makes up 3.2% of Elmind Capital LP’s investment portfolio, making the stock its 13th largest position. Elmind Capital LP owned 1.07% of Cullinan Therapeutics as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Lynx1 Capital Management LP increased its holdings in Cullinan Therapeutics by 31.0% in the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock worth $34,193,000 after buying an additional 1,365,248 shares during the last quarter. BlackRock Inc. acquired a new stake in Cullinan Therapeutics in the second quarter valued at approximately $95,289,000. State Street Corp lifted its stake in Cullinan Therapeutics by 31.0% in the fourth quarter. State Street Corp now owns 2,197,338 shares of the company’s stock valued at $22,742,000 after acquiring an additional 520,024 shares during the last quarter. Affinity Asset Advisors LLC grew its position in Cullinan Therapeutics by 632.4% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock worth $19,997,000 after acquiring an additional 1,668,289 shares in the last quarter. Finally, Blue Owl Capital Holdings LP bought a new stake in Cullinan Therapeutics in the second quarter worth approximately $28,039,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the sale, the insider directly owned 162,844 shares in the company, valued at $3,299,219.44. This represents a 15.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.60% of the stock is owned by company insiders.

Cullinan Therapeutics Trading Up 5.2%

Shares of Cullinan Therapeutics stock opened at $22.95 on Wednesday. The firm has a fifty day simple moving average of $18.24 and a 200-day simple moving average of $15.56. Cullinan Therapeutics, Inc. has a 1-year low of $5.68 and a 1-year high of $23.06. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -7.40 and a beta of 0.01.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.01). As a group, research analysts predict that Cullinan Therapeutics, Inc. will post -3.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CGEM has been the subject of several analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, August 17th. Wall Street Zen downgraded shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. BTIG Research raised their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Finally, TD Cowen upgraded Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $32.86.

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.