Charles Schwab Investment Management Inc. Buys 53,328 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Charles Schwab Investment Management Inc. lifted its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 14.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 423,959 shares of the company’s stock after acquiring an additional 53,328 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Cullinan Therapeutics were worth $7,097,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Amalgamated Bank grew its position in shares of Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after purchasing an additional 872 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cullinan Therapeutics by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after buying an additional 3,758 shares during the period. Arizona State Retirement System acquired a new position in shares of Cullinan Therapeutics during the second quarter worth approximately $182,000. Squarepoint Ops LLC bought a new stake in shares of Cullinan Therapeutics in the second quarter valued at approximately $186,000. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Cullinan Therapeutics by 64.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock worth $187,000 after acquiring an additional 4,380 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CGEM has been the subject of several research analyst reports. UBS Group assumed coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $30.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Finally, Wedbush reiterated an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $31.67.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ:CGEM opened at $12.52 on Thursday. Cullinan Therapeutics, Inc. has a twelve month low of $7.64 and a twelve month high of $30.19. The business has a fifty day moving average of $14.92 and a 200-day moving average of $17.21. The firm has a market cap of $729.01 million, a PE ratio of -4.41 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. On average, analysts anticipate that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current fiscal year.

Insider Activity

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total value of $125,120.00. Following the transaction, the insider now directly owns 107,942 shares of the company’s stock, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.07% of the stock is currently owned by insiders.

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.