CULLINAN THERAPEUTICS INC CGEM
COM · Common Stock · CUSIP 230031106 · ISIN US2300311063
- SectorHealth care
- IndustryBiological Products, (No Diagnostic Substances)
- HeadquartersCambridge, MA
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($136.7k this quarter). Holder counts are more reliable. Shares outstanding: 59.1m as of 2025-07-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $7.53. Options: 4 managers hold calls ($100.9k notional), 6 hold puts ($7.5m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 100 |
| Q4 2022 | 98 |
| Q1 2023 | 104 |
| Q2 2023 | 107 |
| Q3 2023 | 107 |
| Q4 2023 | 114 |
| Q1 2024 | 114 |
| Q2 2024 | 136 |
| Q3 2024 | 138 |
| Q4 2024 | 148 |
| Q1 2025 | 150 |
| Q2 2025 | 145 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 48 | 44 |
| Q4 2023 | 65 | 39 |
| Q1 2024 | 59 | 55 |
| Q2 2024 | 97 | 42 |
| Q3 2024 | 83 | 45 |
| Q4 2024 | 76 | 56 |
| Q1 2025 | 67 | 73 |
| Q2 2025 | 70 | 68 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $11.1m | $2.1m | 0.19 |
| Q4 2024 | $559.4k | $1.5m | 2.60 |
| Q1 2025 | $142.3k | $193.3k | 1.36 |
| Q2 2025 | $100.9k | $7.5m | 74.80 |
Biggest buyers
| Lynx1 Capital Management LP | Added | +1.2m |
| Caption Management, LLC | New | +175.4k |
| BANK OF AMERICA CORP /DE/ | Added | +136.9k |
| Verition Fund Management LLC | Added | +110.5k |
| Voss Capital, LP | Added | +76.7k |
| Qube Research & Technologies Ltd | New | +67.1k |
| MARSHALL WACE, LLP | Added | +58.6k |
| JPMORGAN CHASE & CO | Added | +53.5k |
| GOLDMAN SACHS GROUP INC | Added | +53.2k |
| Trexquant Investment LP | Added | +50.9k |
Biggest sellers
| ALLIANCEBERNSTEIN L.P. | Reduced | -1.7m |
| BRAIDWELL LP | Sold out | -980.8k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -272.3k |
| Kynam Capital Management, LP | Reduced | -242.6k |
| MORGAN STANLEY | Reduced | -239.7k |
| STATE STREET CORP | Reduced | -145.1k |
| CITADEL ADVISORS LLC | Reduced | -133.5k |
| Woodline Partners LP | Sold out | -81.7k |
| ACADIAN ASSET MANAGEMENT LLC | Sold out | -81.7k |
| PERCEPTIVE ADVISORS LLC | Sold out | -80.1k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $79.8k10.6k shares |
| GROUP ONE TRADING LLC | Unchanged | $18.1k2.4k shares |
| SIMPLEX TRADING, LLC | Reduced | $3.0k400 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| Caption Management, LLC | New | $4.4m582.1k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | $1.3m171.1k shares |
| CITADEL ADVISORS LLC | Added | $1.2m163.9k shares |
| SIMPLEX TRADING, LLC | Added | $458.0k60.9k shares |
| GROUP ONE TRADING LLC | Added | $183.0k24.3k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BIOTECHNOLOGY VALUE FUND L P 13G · passive investor no change · filed 2026-08-14 | 10.0% |
| Lynx1 Capital Management LP 13G · passive investor -4.7 pts · filed 2025-11-14 | 9.8% |
| PRICE T ROWE ASSOCIATES INC /MD/ 13G · institution new · filed 2026-08-14 | 6.2% |
| STATE STREET CORP 13G · institution new · filed 2026-08-07 | 6.0% |
| Kynam Capital Management, LP 13G · institution new · filed 2026-03-04 | 5.3% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26), CITADEL ADVISORS LLC (3.4%, 2025-11-14), Flynn James E (5.0%, 2025-11-13)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 5 | $127.4k | — |
| Q1 2024 | 0 | — | 1 | $1.7m | $1.7m |
| Q2 2024 | 0 | — | 1 | $1.8m | $1.8m |
| Q3 2024 | 0 | — | 1 | $275.4k | $275.4k |
| Q4 2024 | 0 | — | 4 | $414.6k | $125.1k |
| Q1 2025 | 0 | — | 4 | $230.7k | $50.0k |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| MPM BIOIMPACT LLC 9.98% of their portfolio | 7.6m $57.6m | Unchanged |
| BVF INC/IL 1.55% of their portfolio | 5.8m $43.3m | Unchanged |
| Lynx1 Capital Management LP 9.57% of their portfolio | 4.4m $33.1m | Added +1.2m |
| BlackRock, Inc. 0.00% of their portfolio | 4.2m $31.8m | Reduced -2.9k |
| DEERFIELD MANAGEMENT COMPANY, L.P. 0.53% of their portfolio | 3.9m $29.0m | Reduced -5.3k |
| VANGUARD GROUP INC 0.00% of their portfolio | 3.0m $22.7m | Reduced -19.6k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 2.6m $19.7m | Reduced -133.5k |
| Blue Owl Capital Holdings LP 5.80% of their portfolio | 2.4m $18.0m | Reduced -50.0k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 2.2m $16.8m | Added +8.4k |
| Kynam Capital Management, LP 1.70% of their portfolio | 2.1m $15.8m | Reduced -242.6k |
| ORBIMED ADVISORS LLC 0.36% of their portfolio | 1.9m $14.5m | Unchanged |
| RTW INVESTMENTS, LP 0.18% of their portfolio | 1.7m $12.8m | Unchanged |
| STATE STREET CORP 0.00% of their portfolio | 1.6m $12.1m | Reduced -145.1k |
| Venrock Adviser, LLC 0.78% of their portfolio | 1.4m $10.4m | Unchanged |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 1.3m $9.6m | Added +37.7k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 1.3m $9.6m | Reduced -26.7k |
| Siren, L.L.C. 0.47% of their portfolio | 1.2m $9.0m | Unchanged |
| Nextech Invest Ltd. 1.63% of their portfolio | 1.1m $8.6m | Unchanged |
| TANG CAPITAL MANAGEMENT LLC 0.43% of their portfolio | 1.1m $8.4m | Unchanged |
| Patient Square Capital LP 2.36% of their portfolio | 868.9k $6.5m | Reduced -10.0k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 702.1k $5.3m | Added +53.2k |
| Rock Springs Capital Management LP 0.31% of their portfolio | 668.2k $5.0m | Added +23.6k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 661.3k $5.0m | Added +136.9k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 626.6k $4.7m | Added +58.6k |
| TWIN FOCUS CAPITAL PARTNERS, LLC 0.63% of their portfolio | 595.5k $4.5m | Unchanged |
| Foresite Capital Management VI LLC 2.51% of their portfolio | 594.0k $4.5m | Reduced -40.5k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 566.8k $4.3m | Reduced -8.8k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 510.8k $3.8m | Reduced -272.3k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 453.2k $3.4m | Reduced -30.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 435.5k $3.3m | Added +11.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 334.5k $2.5m | Reduced -28.5k |
| UBS Group AG 0.00% of their portfolio | 311.3k $2.3m | Added +32.5k |
| BARCLAYS PLC 0.00% of their portfolio | 268.5k $2.0m | Added +27.1k |
| Affinity Asset Advisors, LLC 0.29% of their portfolio | 263.8k $2.0m | Unchanged |
| Voss Capital, LP 0.13% of their portfolio | 251.7k $1.9m | Added +76.7k |
| MORGAN STANLEY 0.00% of their portfolio | 242.1k $1.8m | Reduced -239.7k |
| ALGERT GLOBAL LLC 0.03% of their portfolio | 215.6k $1.6m | Reduced -5.8k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 186.1k $1.4m | Added +25.0k |
| Nuveen, LLC 0.00% of their portfolio | 180.7k $1.4m | Reduced -7.3k |
| Caption Management, LLC 0.12% of their portfolio | 175.4k $1.3m | New |
| Bank of New York Mellon Corp 0.00% of their portfolio | 155.9k $1.2m | Added +19.5k |
| Verition Fund Management LLC 0.01% of their portfolio | 139.7k $1.1m | Added +110.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 129.9k $978.3k | Added +50.5k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 129.3k $974.0k | Reduced -377 |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 125.2k $942.7k | Added +12.5k |
| Trexquant Investment LP 0.01% of their portfolio | 119.3k $898.6k | Added +50.9k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 106.6k $802.5k | Added +26.2k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 97.1k $730.9k | Added +53.5k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 74.1k $558.0k | Added +2.8k |
| Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio | 70.0k $527.4k | Reduced -7.6k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 67.1k $505.4k | New |
| Invesco Ltd. 0.00% of their portfolio | 60.6k $456.0k | Added +11.3k |
| Swiss National Bank 0.00% of their portfolio | 50.3k $378.8k | Reduced -12.4k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 48.9k $368.1k | Added +14.5k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 47.6k $358.7k | Reduced -1.7m |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 45.3k $341.0k | New |
| XTX Topco Ltd 0.01% of their portfolio | 43.1k $324.5k | Reduced -1.4k |
| NEOS Investment Management LLC 0.00% of their portfolio | 42.7k $321.5k | Added +3.5k |
| Tema ETFs LLC 0.09% of their portfolio | 42.7k $321.5k | Added +3.5k |
| Creative Planning 0.00% of their portfolio | 41.7k $314.2k | Added +28.8k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 41.0k $308.6k | Added +11.6k |
| Rafferty Asset Management, LLC 0.00% of their portfolio | 39.2k $295.4k | Reduced -15.7k |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 37.4k $281.4k | Reduced -12.5k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 36.4k $275.0k | Added +4.7k |
| Walleye Capital LLC 0.00% of their portfolio | 35.2k $265.0k | Added +13.2k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 32.7k $246.5k | Added +7.1k |
| HighVista Strategies LLC 0.09% of their portfolio | 31.9k $240.2k | Unchanged |
| Nebula Research & Development LLC 0.02% of their portfolio | 31.9k $239.9k | Reduced -11.6k |
| MetLife Investment Management, LLC 0.00% of their portfolio | 31.5k $236.8k | Unchanged |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 31.3k $235.3k | Unchanged |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 29.9k $225.2k | Reduced -3.5k |
| CITIGROUP INC 0.00% of their portfolio | 26.5k $199.5k | Reduced -54.5k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 25.3k $190.7k | Reduced -6.2k |
| Man Group plc 0.00% of their portfolio | 22.3k $168.2k | New |
| TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio | 22.1k $166.7k | New |
| Corton Capital Inc. 0.19% of their portfolio | 21.7k $163.5k | Added +4.9k |
| MARTINGALE ASSET MANAGEMENT L P 0.00% of their portfolio | 20.9k $157.6k | Reduced -1.2k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 20.9k $157.5k | New |
| Birchview Capital, LP 0.15% of their portfolio | 20.0k $150.6k | Unchanged |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 19.6k $147.0k | Added +16.0k |
| Graham Capital Management, L.P. 0.00% of their portfolio | 19.3k $145.2k | Reduced -10.2k |
| Brevan Howard Capital Management LP 0.00% of their portfolio | 19.2k $144.8k | Reduced -21.4k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 19.0k $143.3k | Added +30 |
| Legal & General Group Plc 0.00% of their portfolio | 18.9k $142.0k | Reduced -23.9k |
| WEXFORD CAPITAL LP 0.04% of their portfolio | 18.7k $141.0k | New |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 18.5k $139.4k | Unchanged |
| Engineers Gate Manager LP 0.00% of their portfolio | 18.1k $136.5k | New |
| Palumbo Wealth Management LLC 0.04% of their portfolio | 17.0k $128.1k | Added +740 |
| Mariner, LLC 0.00% of their portfolio | 16.5k $124.2k | Added +4.3k |
| PRELUDE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 16.2k $121.6k | Added +6.0k |
| Squarepoint Ops LLC 0.00% of their portfolio | 15.0k $113.0k | New |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 14.7k $111.0k | Reduced -461 |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 14.7k $110.4k | Reduced -14.1k |
| ExodusPoint Capital Management, LP 0.00% of their portfolio | 14.0k $105.0k | Reduced -21.2k |
| Massar Capital Management, LP 0.08% of their portfolio | 13.4k $101.0k | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 12.9k $97.3k | Unchanged |
| ProShare Advisors LLC 0.00% of their portfolio | 12.7k $95.4k | Reduced -1.3k |
| KENNEDY CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 12.2k $91.7k | Added +531 |
| China Universal Asset Management Co., Ltd. 0.01% of their portfolio | 11.9k $89.3k | Added +116 |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 11.2k $84.1k | New |