Connor Clark & Lunn Investment Management Ltd. Buys 57,348 Shares of 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. increased its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 282.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,621 shares of the company's stock after acquiring an additional 57,348 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.13% of Cullinan Therapeutics worth $588,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CGEM. JPMorgan Chase & Co. boosted its holdings in shares of Cullinan Therapeutics by 580.9% in the fourth quarter. JPMorgan Chase & Co. now owns 198,214 shares of the company's stock valued at $2,414,000 after acquiring an additional 169,104 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Cullinan Therapeutics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,214,641 shares of the company's stock worth $14,798,000 after purchasing an additional 6,220 shares during the last quarter. Wells Fargo & Company MN grew its stake in Cullinan Therapeutics by 47.9% in the 4th quarter. Wells Fargo & Company MN now owns 24,864 shares of the company's stock valued at $303,000 after buying an additional 8,056 shares during the last quarter. Invesco Ltd. grew its stake in Cullinan Therapeutics by 2.4% in the 4th quarter. Invesco Ltd. now owns 59,553 shares of the company's stock valued at $725,000 after buying an additional 1,395 shares during the last quarter. Finally, Mariner LLC boosted its holdings in Cullinan Therapeutics by 125.3% in the 4th quarter. Mariner LLC now owns 34,901 shares of the company's stock valued at $425,000 after purchasing an additional 19,411 shares during the period. 86.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Cullinan Therapeutics Trading Up 7.0%

CGEM stock traded up $0.54 during trading on Friday, hitting $8.21. 400,942 shares of the stock traded hands, compared to its average volume of 419,106. Cullinan Therapeutics, Inc. has a one year low of $6.85 and a one year high of $19.89. The stock has a market cap of $484.96 million, a price-to-earnings ratio of -2.54 and a beta of -0.08. The company has a 50 day simple moving average of $7.80 and a 200 day simple moving average of $8.20.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.24). As a group, analysts predict that Cullinan Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Cullinan Therapeutics 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.