Franklin Resources Inc. Sells 252,868 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Franklin Resources Inc. lessened its position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 10.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,191,262 shares of the company’s stock after selling 252,868 shares during the period. Franklin Resources Inc.’s holdings in Cullinan Therapeutics were worth $35,564,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in CGEM. Deerfield Management Company L.P. Series C boosted 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 valued at $57,207,000 after buying an additional 2,141,706 shares in the last quarter. State Street Corp boosted its holdings in shares of Cullinan Therapeutics by 20.4% in the 3rd quarter. State Street Corp now owns 2,337,222 shares of the company’s stock worth $39,125,000 after acquiring an additional 396,034 shares in the last quarter. RTW Investments LP boosted its holdings in shares of Cullinan Therapeutics by 62.1% in the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock worth $28,558,000 after acquiring an additional 653,330 shares in the last quarter. Holocene Advisors LP grew its position in Cullinan Therapeutics by 16.5% during the 3rd quarter. Holocene Advisors LP now owns 1,533,579 shares of the company’s stock worth $25,672,000 after acquiring an additional 217,574 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Cullinan Therapeutics by 23.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock valued at $20,233,000 after purchasing an additional 231,935 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 3,489 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total value of $43,682.28. Following the transaction, the insider now directly owns 104,453 shares in the company, valued at $1,307,751.56. This trade represents a 3.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.07% of the company’s stock.

Cullinan Therapeutics Stock Down 6.3 %

Cullinan Therapeutics stock opened at $10.77 on Thursday. The business’s 50-day simple moving average is $14.48 and its 200 day simple moving average is $16.80. The stock has a market cap of $627.12 million, a price-to-earnings ratio of -3.79 and a beta of -0.18. Cullinan Therapeutics, Inc. has a 12-month low of $8.49 and a 12-month high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.78) by $0.09. As a group, sell-side analysts expect that Cullinan Therapeutics, Inc. will post -3.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. HC Wainwright restated a “buy” rating and set a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. UBS Group began coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Wedbush reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $31.67.

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.