The Manufacturers Life Insurance Company Increases Holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

The Manufacturers Life Insurance Company increased its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 40.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,175 shares of the company’s stock after purchasing an additional 4,393 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Cullinan Therapeutics were worth $265,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Ameritas Investment Partners Inc. boosted its stake in Cullinan Therapeutics by 31.0% during the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock valued at $44,000 after buying an additional 615 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted 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 valued at $155,000 after buying an additional 3,758 shares during the period. Arizona State Retirement System bought a new stake in Cullinan Therapeutics during the second quarter valued at $182,000. Squarepoint Ops LLC bought a new stake in Cullinan Therapeutics during the second quarter valued at $186,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Cullinan Therapeutics by 22.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock valued at $294,000 after buying an additional 3,134 shares during the period. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $18.09, for a total transaction of $144,720.00. Following the completion of the sale, the insider now owns 115,942 shares of the company’s stock, valued at $2,097,390.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 6.07% of the company’s stock.

Cullinan Therapeutics Stock Down 3.5 %

Shares of CGEM stock opened at $16.77 on Friday. The business has a 50-day moving average price of $17.35 and a two-hundred day moving average price of $19.21. Cullinan Therapeutics, Inc. has a 12-month low of $7.64 and a 12-month high of $30.19. The firm has a market cap of $966.52 million, a P/E ratio of -5.36 and a beta of -0.13.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($0.02). As a group, research analysts expect that Cullinan Therapeutics, Inc. will post -3.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CGEM shares. HC Wainwright reissued a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday. Wedbush reissued an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price 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.