Elmind Capital LP Purchases New Shares in Cullinan Therapeutics, Inc. $CGEM

Elmind Capital LP bought a new stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 690,000 shares of the company’s stock, valued at approximately $12,564,900. Cullinan Therapeutics comprises 0.0% of Elmind Capital LP’s investment portfolio, making the stock its 13th largest position. Elmind Capital LP owned about 1.07% of Cullinan Therapeutics as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in CGEM. BlackRock Inc. purchased a new stake in Cullinan Therapeutics during the second quarter valued at about $95,289,000. Affinity Asset Advisors LLC raised its position in Cullinan Therapeutics by 632.4% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,932,106 shares of the company’s stock worth $19,997,000 after buying an additional 1,668,289 shares during the last quarter. Blue Owl Capital Holdings LP purchased a new position in Cullinan Therapeutics in the 2nd quarter valued at about $28,039,000. Lynx1 Capital Management LP increased its position in shares of Cullinan Therapeutics by 31.0% during the third quarter. Lynx1 Capital Management LP now owns 5,766,090 shares of the company’s stock valued at $34,193,000 after acquiring an additional 1,365,248 shares during the last quarter. Finally, Boothbay Fund Management LLC purchased a new position in shares of Cullinan Therapeutics in the 4th quarter valued at about $12,803,000. 86.31% of the stock is currently owned by institutional investors.

Cullinan Therapeutics Trading Down 3.9%

CGEM traded down $0.89 during trading on Friday, hitting $21.71. 446,487 shares of the company’s stock were exchanged, compared to its average volume of 862,936. The firm has a market cap of $1.40 billion, a P/E ratio of -7.00 and a beta of 0.01. Cullinan Therapeutics, Inc. has a 1 year low of $5.68 and a 1 year high of $23.19. The stock has a 50 day moving average price of $18.56 and a 200 day moving average price of $15.71.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). Analysts forecast that Cullinan Therapeutics, Inc. will post -3.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on CGEM shares. BTIG Research increased their price target on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Wedbush increased their target price on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, August 13th. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Cullinan Therapeutics in a report on Monday, August 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. Finally, Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Cullinan Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $32.86.

Insider Activity at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 30,000 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the transaction, the insider owned 162,844 shares in the company, valued at approximately $3,299,219.44. This represents a 15.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.60% of the stock is currently owned by corporate insiders.

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.