The Manufacturers Life Insurance Company Makes New Investment in Cullinan Therapeutics, Inc. $CGEM

Key Points

• The Manufacturers Life Insurance Company purchased 76,711 shares of Cullinan Therapeutics, valued at approximately $1.4 million, giving it a 0.12% stake. Institutional investors collectively own 86.31% of the company.
• Analyst sentiment is broadly positive: CGEM has an average “Moderate Buy” rating and a consensus price target of $32.86, with recent upgrades from Wedbush and TD Cowen.
• Cullinan shares opened at $22.09, near their 52-week high, while the company reported a quarterly loss of $0.81 per share, narrowly missing estimates. Insider Jennifer Michaelson also sold 30,000 shares at an average price of $20.26.

The Manufacturers Life Insurance Company purchased a new position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 76,711 shares of the company's stock, valued at approximately $1,397,000. The Manufacturers Life Insurance Company owned about 0.12% of Cullinan Therapeutics at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CGEM. Caitong International Asset Management Co. Ltd increased its stake in shares of Cullinan Therapeutics by 62.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,696 shares of the company's stock worth $28,000 after purchasing an additional 1,036 shares in the last quarter. Allworth Financial LP bought a new position in Cullinan Therapeutics in the 2nd quarter worth $53,000. Quantbot Technologies LP purchased a new position in Cullinan Therapeutics during the second quarter valued at $53,000. Seven Fleet Capital Management LP purchased a new position in Cullinan Therapeutics during the fourth quarter valued at $31,000. Finally, CWM LLC grew its holdings in Cullinan Therapeutics by 51.5% during the fourth quarter. CWM LLC now owns 3,876 shares of the company's stock valued at $40,000 after purchasing an additional 1,318 shares during the period. Institutional investors own 86.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CGEM. Wedbush upped their price target on Cullinan Therapeutics from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Thursday, August 13th. TD Cowen raised Cullinan Therapeutics to a "strong-buy" rating in a research report on Monday, August 24th. Wall Street Zen raised shares of Cullinan Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday. HC Wainwright restated a "buy" rating and set a $30.00 target price on shares of Cullinan Therapeutics in a research note on Monday, August 17th. Finally, 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 report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $32.86.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $20.26, for a total transaction of $607,800.00. Following the completion of the sale, the insider directly owned 162,844 shares of the company's stock, valued at $3,299,219.44. This trade represents a 15.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 8.60% of the stock is owned by insiders.

Cullinan Therapeutics Stock Down 0.3%

Shares of Cullinan Therapeutics stock opened at $22.09 on Friday. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -7.13 and a beta of 0.02. The stock's 50-day simple moving average is $19.11 and its 200-day simple moving average is $16.11. Cullinan Therapeutics, Inc. has a 52 week low of $5.68 and a 52 week high of $23.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, equities analysts expect that Cullinan Therapeutics, Inc. will post -3.08 earnings per share for the current 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.

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