The Manufacturers Life Insurance Company Purchases 4,393 Shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

The Manufacturers Life Insurance Company boosted its position in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 40.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,175 shares of the company’s stock after acquiring an additional 4,393 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cullinan Therapeutics were worth $265,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CGEM. SG Americas Securities LLC lifted its holdings in shares of Cullinan Therapeutics by 757.2% in the second quarter. SG Americas Securities LLC now owns 85,172 shares of the company’s stock valued at $1,485,000 after purchasing an additional 75,236 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Cullinan Therapeutics by 2,416.9% in the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after purchasing an additional 1,136,993 shares in the last quarter. E Fund Management Co. Ltd. bought a new position in shares of Cullinan Therapeutics in the second quarter valued at approximately $1,305,000. Bank of New York Mellon Corp lifted its holdings in shares of Cullinan Therapeutics by 46.4% in the second quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock valued at $2,407,000 after purchasing an additional 43,757 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Cullinan Therapeutics by 22.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock valued at $294,000 after purchasing an additional 3,134 shares in the last quarter. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Trading Down 3.5 %

Shares of CGEM opened at $16.77 on Friday. The company has a market capitalization of $966.52 million, a price-to-earnings ratio of -5.36 and a beta of -0.13. The stock has a 50 day moving average of $17.35 and a 200 day moving average of $19.21. Cullinan Therapeutics, Inc. has a 12 month low of $7.64 and a 12 month high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). As a group, equities research analysts predict that Cullinan Therapeutics, Inc. will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $18.09, for a total value of $144,720.00. Following the completion of the sale, the insider now directly owns 115,942 shares of the company’s stock, valued at $2,097,390.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 6.07% of the company’s stock.

Analyst Ratings Changes

CGEM has been the topic of a number of recent research reports. Wedbush restated an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. HC Wainwright restated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Therapeutics currently has an average rating of “Buy” and a consensus price target of $32.00.

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.