Deerfield Management Company L.P. Series C Increases Stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Deerfield Management Company L.P. Series C lifted its stake in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Free Report) by 188.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,280,237 shares of the company's stock after buying an additional 2,141,706 shares during the period. Cullinan Therapeutics makes up approximately 1.0% of Deerfield Management Company L.P. Series C's investment portfolio, making the stock its 26th biggest holding. Deerfield Management Company L.P. Series C owned 5.69% of Cullinan Therapeutics worth $57,207,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CGEM. Ameritas Investment Partners Inc. raised its stake in Cullinan Therapeutics by 31.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company's stock worth $44,000 after acquiring an additional 615 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its stake in shares of Cullinan Therapeutics by 81.6% in the first quarter. China Universal Asset Management Co. Ltd. now owns 8,996 shares of the company's stock worth $153,000 after purchasing an additional 4,042 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Cullinan Therapeutics by 73.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company's stock worth $155,000 after purchasing an additional 3,758 shares during the period. NEOS Investment Management LLC purchased a new stake in Cullinan Therapeutics in the fourth quarter valued at approximately $162,000. Finally, Arizona State Retirement System purchased a new stake in Cullinan Therapeutics in the second quarter valued at approximately $182,000. 86.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $18.09, for a total transaction of $144,720.00. Following the transaction, the insider now owns 115,942 shares in the company, valued at approximately $2,097,390.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 6.07% of the stock is currently owned by insiders.

Cullinan Therapeutics Stock Up 5.9 %

Shares of NASDAQ CGEM traded up $0.96 during midday trading on Thursday, reaching $17.30. 453,363 shares of the stock were exchanged, compared to its average volume of 695,897. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of -5.53 and a beta of -0.12. The firm has a 50-day simple moving average of $18.02 and a two-hundred day simple moving average of $19.22. Cullinan Therapeutics, Inc. has a twelve month low of $7.64 and a twelve month high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.73) by ($0.02). Research analysts expect that Cullinan Therapeutics, Inc. will post -3.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. William Blair reissued an "outperform" rating on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Wedbush reissued an "outperform" rating and set a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $28.00 price target on shares of Cullinan Therapeutics in a report on Monday, September 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cullinan Therapeutics presently has an average rating of "Buy" and a consensus price target of $32.00.

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.