Deerfield Management Company L.P. Series C Acquires 2,141,706 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Deerfield Management Company L.P. Series C increased its holdings in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 188.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,280,237 shares of the company’s stock after acquiring an additional 2,141,706 shares during the quarter. Cullinan Therapeutics comprises about 1.0% of Deerfield Management Company L.P. Series C’s investment portfolio, making the stock its 26th largest holding. Deerfield Management Company L.P. Series C owned approximately 0.06% of Cullinan Therapeutics worth $57,207,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of CGEM. Ameritas Investment Partners Inc. increased its position in Cullinan Therapeutics by 31.0% during the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock worth $44,000 after acquiring an additional 615 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Cullinan Therapeutics by 81.6% during the first quarter. China Universal Asset Management Co. Ltd. now owns 8,996 shares of the company’s stock worth $153,000 after buying an additional 4,042 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cullinan Therapeutics by 73.3% during the second 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 in the last quarter. NEOS Investment Management LLC acquired a new stake in Cullinan Therapeutics during the fourth quarter worth about $162,000. Finally, Arizona State Retirement System acquired a new stake in Cullinan Therapeutics during the second quarter worth about $182,000. 86.31% of the stock is owned by institutional investors.

Cullinan Therapeutics Trading Down 7.4 %

CGEM opened at $16.34 on Thursday. The company’s 50 day moving average is $18.04 and its 200-day moving average is $19.23. Cullinan Therapeutics, Inc. has a 1-year low of $7.64 and a 1-year high of $30.19. The company has a market cap of $947.39 million, a P/E ratio of -5.22 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). On average, equities analysts forecast that Cullinan Therapeutics, Inc. will post -3.2 EPS for the current year.

Insider Activity at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total value of $144,720.00. Following the completion of the transaction, the insider now owns 115,942 shares in the company, valued at approximately $2,097,390.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 6.07% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CGEM shares. HC Wainwright reiterated a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Monday, September 16th. William Blair reiterated an “outperform” rating on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. Finally, Wedbush reiterated an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $32.00.

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.