Connor Clark & Lunn Investment Management Ltd. Takes Position in Cullinan Therapeutics, Inc. $CGEM

Key Points

• Connor Clark & Lunn Investment Management bought 292,500 shares of Cullinan Therapeutics, valued at approximately $5.3 million, giving it a 0.45% stake. Institutional investors collectively own 86.31% of the company.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $32.86. Recent targets range from $30 to $42, although one firm maintains a sell rating.
• Cullinan shares opened at $22.60, near their one-year high of $23.19, after reporting a quarterly loss of $0.81 per share—slightly below the $0.80 consensus estimate.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 292,500 shares of the company's stock, valued at approximately $5,326,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.45% of Cullinan Therapeutics at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its position in shares of Cullinan Therapeutics by 347.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 75,310 shares of the company's stock worth $1,070,000 after purchasing an additional 58,488 shares in the last quarter. Blue Owl Capital Holdings LP acquired a new position in shares of Cullinan Therapeutics during the 2nd quarter worth $28,039,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Cullinan Therapeutics in the 1st quarter valued at about $1,356,000. Deutsche Bank AG purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at about $6,972,000. Finally, Bank of America Corp DE lifted its stake in shares of Cullinan Therapeutics by 49.2% in the first quarter. Bank of America Corp DE now owns 516,724 shares of the company's stock valued at $7,343,000 after purchasing an additional 170,417 shares during the period. Institutional investors and hedge funds own 86.31% of the company's stock.

Insider Buying and Selling

In related news, insider Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the sale, the insider owned 162,844 shares in the company, valued at approximately $3,299,219.44. This trade represents a 15.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.60% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on CGEM. TD Cowen raised shares of Cullinan Therapeutics to a "strong-buy" rating in a report on Monday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. BTIG Research lifted their price target on shares of Cullinan Therapeutics from $38.00 to $39.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Wedbush boosted their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Thursday, August 13th. Finally, HC Wainwright restated a "buy" rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cullinan Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $32.86.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ:CGEM opened at $22.60 on Friday. The business's fifty day moving average price is $18.56 and its two-hundred day moving average price is $15.71. The stock has a market cap of $1.45 billion, a PE ratio of -7.29 and a beta of 0.01. Cullinan Therapeutics, Inc. has a one year low of $5.68 and a one year high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.01). As a group, equities research analysts predict that Cullinan Therapeutics, Inc. will post -3.08 earnings per share for the current fiscal year.

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.

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