Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM – Free Report) during the second quarter, HoldingsChannel.com reports. The firm bought 292,500 shares of the company’s stock, valued at approximately $5,326,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quantbot Technologies LP acquired a new position in Cullinan Therapeutics in the 2nd quarter valued at $53,000. Ieq Capital LLC acquired a new stake in shares of Cullinan Therapeutics during the second quarter worth $614,000. Allworth Financial LP acquired a new stake in shares of Cullinan Therapeutics during the second quarter worth $53,000. Blue Owl Capital Holdings LP purchased a new stake in shares of Cullinan Therapeutics in the second quarter valued at $28,039,000. Finally, Great Lakes Advisors LLC purchased a new stake in shares of Cullinan Therapeutics in the second quarter valued at $215,000. 86.31% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
CGEM has been the subject of several analyst reports. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Cullinan Therapeutics in a research note on Monday, August 17th. BTIG Research raised their price target on Cullinan Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a report on Wednesday, July 8th. Wall Street Zen lowered shares of Cullinan Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Finally, TD Cowen upgraded shares of Cullinan Therapeutics to a “strong-buy” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.86.
Cullinan Therapeutics Price Performance
Shares of CGEM opened at $22.60 on Friday. Cullinan Therapeutics, Inc. has a 12 month low of $5.68 and a 12 month high of $23.19. The stock’s 50-day moving average is $18.56 and its two-hundred day moving average 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 (NASDAQ:CGEM – Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.01). On average, research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.08 earnings per share for the current year.
Insider Transactions at Cullinan Therapeutics
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 value of $607,800.00. Following the completion of the sale, the insider owned 162,844 shares of the company’s stock, valued at $3,299,219.44. This trade represents a 15.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.60% of the stock is owned by company insiders.
Cullinan Therapeutics Company 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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