Boone Capital Management LLC Purchases Shares of 704,442 Cullinan Therapeutics, Inc. $CGEM

Boone Capital Management LLC purchased a new position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 704,442 shares of the company’s stock, valued at approximately $12,828,000. Cullinan Therapeutics makes up 3.0% of Boone Capital Management LLC’s holdings, making the stock its 15th largest holding.

Several other large investors also recently modified their holdings of CGEM. Caitong International Asset Management Co. Ltd increased its stake in shares of Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company’s stock valued at $28,000 after acquiring an additional 1,036 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter valued at $53,000. Quantbot Technologies LP bought a new position in Cullinan Therapeutics during the second quarter worth $53,000. Seven Fleet Capital Management LP bought a new position in Cullinan Therapeutics during the fourth quarter worth $31,000. Finally, CWM LLC grew its holdings in Cullinan Therapeutics by 51.5% in the fourth quarter. CWM LLC now owns 3,876 shares of the company’s stock worth $40,000 after purchasing an additional 1,318 shares during the period. Institutional investors and hedge funds own 86.31% of the company’s stock.

Insiders Place Their Bets

In related news, insider Jennifer Michaelson sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $20.26, for a total value of $607,800.00. Following the transaction, the insider owned 162,844 shares of the company’s stock, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.60% of the company’s stock.

Cullinan Therapeutics Trading Down 0.4%

CGEM opened at $22.85 on Thursday. The company’s fifty day moving average price is $18.40 and its two-hundred day moving average price is $15.64. Cullinan Therapeutics, Inc. has a 1-year low of $5.68 and a 1-year high of $23.19. The company has a market cap of $1.47 billion, a price-to-earnings ratio of -7.37 and a beta of 0.01.

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. BTIG Research lifted their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. TD Cowen raised shares of Cullinan Therapeutics to a “strong-buy” rating in a research report on Monday. Wedbush increased their price objective on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. Wall Street Zen downgraded Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cullinan Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $32.86.

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.