165,177 Cue Biopharma, Inc. $CUE Shares Sold by State Street Corp

Key Points

• State Street Corp cut its Cue Biopharma position by 92.1% in the second quarter, selling 165,177 shares and retaining 14,176 shares worth approximately $447,000. Other institutions made mixed moves, while institutional investors collectively owned 35.04% of the company.
• Cue Biopharma reported a quarterly loss of $24.14 per share, far below the $1.69 consensus estimate, despite revenue of $7.88 million exceeding expectations. Analysts expect a full-year loss of $32.12 per share.
• The stock opened at $31.41, with analysts holding a consensus “Hold” rating and an $83 price target. Insiders sold 72,715 shares worth about $2.04 million over the past 90 days, primarily to cover tax obligations from vested equity awards.

State Street Corp lessened its position in shares of Cue Biopharma, Inc. (NASDAQ:CUE - Free Report) by 92.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,176 shares of the company's stock after selling 165,177 shares during the quarter. State Street Corp owned about 0.20% of Cue Biopharma worth $447,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Citadel Advisors LLC increased its position in Cue Biopharma by 301.8% in the second quarter. Citadel Advisors LLC now owns 25,633 shares of the company's stock worth $809,000 after purchasing an additional 38,333 shares during the last quarter. Seven Fleet Capital Management LP purchased a new stake in shares of Cue Biopharma during the 2nd quarter valued at about $338,000. Bank of America Corp DE bought a new position in shares of Cue Biopharma in the 2nd quarter valued at about $219,000. ADAR1 Capital Management LLC bought a new position in shares of Cue Biopharma in the 2nd quarter valued at about $1,742,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in Cue Biopharma in the second quarter worth about $83,000. 35.04% of the stock is owned by hedge funds and other institutional investors.

Cue Biopharma Price Performance

Shares of NASDAQ:CUE opened at $31.41 on Friday. The firm has a market capitalization of $228.16 million, a PE ratio of -1.16 and a beta of 2.45. The business has a 50 day simple moving average of $29.33 and a two-hundred day simple moving average of $94.34. Cue Biopharma, Inc. has a 1 year low of $4.97 and a 1 year high of $45.50.

Cue Biopharma (NASDAQ:CUE - Get Free Report) last issued its quarterly earnings results on Friday, August 14th. The company reported ($24.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.69) by ($22.45). Cue Biopharma had a negative return on equity of 620.06% and a negative net margin of 435.83%.The business had revenue of $7.88 million for the quarter, compared to the consensus estimate of $3.00 million. Equities research analysts expect that Cue Biopharma, Inc. will post -32.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. B. Riley Financial began coverage on Cue Biopharma in a research report on Friday, September 18th. They set a "buy" rating and a $83.00 price objective on the stock. Wall Street Zen lowered Cue Biopharma from a "sell" rating to a "strong sell" rating in a report on Saturday. Zacks Research upgraded Cue Biopharma to a "hold" rating in a research report on Monday, September 21st. Finally, Weiss Ratings downgraded Cue Biopharma from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $83.00.

Insider Transactions at Cue Biopharma

In related news, CEO Shao-Lee Lin sold 18,258 shares of the firm's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $28.62, for a total value of $522,543.96. Following the transaction, the chief executive officer owned 705,995 shares of the company's stock, valued at $20,205,576.90. This trade represents a 2.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Michael Vincent Meluzio sold 5,628 shares of Cue Biopharma stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $30.09, for a total transaction of $169,346.52. Following the sale, the vice president owned 48,961 shares of the company's stock, valued at $1,473,236.49. The trade was a 10.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 72,715 shares of company stock worth $2,041,555. 14.56% of the stock is currently owned by insiders.

About Cue Biopharma

Cue Biopharma, Inc is a clinical-stage biotechnology company developing therapeutics that selectively activate and regulate antigen-specific T cells inside the body. Its approach is designed to direct the immune system toward cancer cells while potentially reducing the broad immune activation and toxicity associated with conventional immunotherapies.

The company's proprietary Immuno-STAT (Selective Targeting of Antigens for Remodeling of T cells) platform uses biologic molecules that combine peptide-major histocompatibility complex components with immune-modulating signals.

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