Connor Clark & Lunn Investment Management Ltd. Has $588,000 Stock Holdings in Cullinan Therapeutics, Inc. $CGEM

Key Points

• Connor Clark & Lunn Investment Management Ltd. raised its stake in Cullinan Therapeutics by 282.9% in Q1, holding 77,621 shares valued at $588,000.
• Other institutional investors also increased their stakes, with GAMMA Investing raising its position by 1,214.8% in the same period.
• Despite a recent EPS miss of ($1.07), analysts maintain a consensus buy rating for the stock, with a target price of $28.60.

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 282.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,621 shares of the company's stock after purchasing an additional 57,348 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.13% of Cullinan Therapeutics worth $588,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Cullinan Therapeutics by 1,214.8% during the first quarter. GAMMA Investing LLC now owns 6,995 shares of the company's stock worth $53,000 after purchasing an additional 6,463 shares during the period. Virtus ETF Advisers LLC lifted its stake in Cullinan Therapeutics by 37.8% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock worth $71,000 after purchasing an additional 1,600 shares during the period. Aquatic Capital Management LLC bought a new position in shares of Cullinan Therapeutics in the fourth quarter valued at approximately $77,000. Tower Research Capital LLC TRC raised its stake in shares of Cullinan Therapeutics by 411.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,800 shares of the company's stock valued at $107,000 after acquiring an additional 7,079 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of Cullinan Therapeutics by 42.6% in the first quarter. Exchange Traded Concepts LLC now owns 14,107 shares of the company's stock valued at $107,000 after acquiring an additional 4,216 shares during the last quarter. Institutional investors own 86.31% of the company's stock.

Cullinan Therapeutics Trading Up 6.8%

Shares of Cullinan Therapeutics stock traded up $0.52 during midday trading on Friday, reaching $8.19. The company had a trading volume of 629,410 shares, compared to its average volume of 359,247. The company has a market capitalization of $483.78 million, a price-to-earnings ratio of -2.54 and a beta of -0.08. The stock has a fifty day simple moving average of $7.80 and a 200 day simple moving average of $8.17. Cullinan Therapeutics, Inc. has a 1-year low of $6.85 and a 1-year high of $19.89.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.24). Sell-side analysts expect that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. UBS Group cut their target price on shares of Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Morgan Stanley cut their target price on shares of Cullinan Therapeutics from $35.00 to $28.00 and set an "overweight" rating for the company in a research note on Monday, August 18th. HC Wainwright assumed coverage on shares of Cullinan Therapeutics in a research note on Thursday. They issued a "buy" rating and a $24.00 target price for the company. Finally, Stifel Nicolaus assumed coverage on shares of Cullinan Therapeutics in a research note on Wednesday, June 11th. They issued a "buy" rating and a $22.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $26.80.

About Cullinan Therapeutics

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.