The Manufacturers Life Insurance Company Acquires Shares of 76,711 Cullinan Therapeutics, Inc. $CGEM

The Manufacturers Life Insurance Company acquired a new stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 76,711 shares of the company’s stock, valued at approximately $1,397,000.

Other large investors have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Cullinan Therapeutics in the first quarter worth about $163,000. Jane Street Group LLC grew its holdings in Cullinan Therapeutics by 145.9% during the 1st quarter. Jane Street Group LLC now owns 34,396 shares of the company’s stock valued at $260,000 after buying an additional 109,413 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Cullinan Therapeutics during the 1st quarter valued at approximately $618,000. Creative Planning grew its holdings in Cullinan Therapeutics by 222.2% during the 2nd quarter. Creative Planning now owns 41,723 shares of the company’s stock valued at $314,000 after buying an additional 28,773 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Cullinan Therapeutics by 122.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 97,069 shares of the company’s stock worth $731,000 after acquiring an additional 53,522 shares during the last quarter. 86.31% of the stock is owned by institutional investors.

Cullinan Therapeutics Price Performance

Shares of NASDAQ CGEM opened at $22.09 on Friday. The business’s 50 day moving average is $19.11 and its two-hundred day moving average is $16.11. Cullinan Therapeutics, Inc. has a 1-year low of $5.68 and a 1-year high of $23.19. The stock has a market capitalization of $1.42 billion, a P/E ratio of -7.13 and a beta of 0.02.

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

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $20.26, for a total transaction of $607,800.00. Following the transaction, the insider owned 162,844 shares of the company’s stock, valued at approximately $3,299,219.44. The trade was a 15.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.60% of the company’s stock.

Analyst Upgrades and Downgrades

CGEM has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Wedbush raised their target price on shares of Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research report on Monday, August 17th. Wall Street Zen raised shares of Cullinan Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, TD Cowen raised shares of Cullinan Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. One 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.86.

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.