Deerfield Management Company L.P. Series C Has $57.21 Million Holdings in Cullinan Therapeutics, Inc. (NASDAQ:CGEM)

Deerfield Management Company L.P. Series C grew its stake in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) by 188.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,280,237 shares of the company’s stock after buying an additional 2,141,706 shares during the quarter. Cullinan Therapeutics accounts for about 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 about 5.69% of Cullinan Therapeutics worth $57,207,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Affinity Asset Advisors LLC boosted its holdings in Cullinan Therapeutics by 2.0% during the second quarter. Affinity Asset Advisors LLC now owns 263,817 shares of the company’s stock worth $4,601,000 after purchasing an additional 5,229 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Cullinan Therapeutics during the second quarter worth $186,000. Marshall Wace LLP boosted its holdings in Cullinan Therapeutics by 2,416.9% during the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after purchasing an additional 1,136,993 shares during the last quarter. Profund Advisors LLC boosted its holdings in Cullinan Therapeutics by 26.8% during the second quarter. Profund Advisors LLC now owns 19,352 shares of the company’s stock worth $337,000 after purchasing an additional 4,089 shares during the last quarter. Finally, Ensign Peak Advisors Inc acquired a new position in Cullinan Therapeutics during the second quarter worth $2,595,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on CGEM shares. William Blair restated an “outperform” rating on shares of Cullinan Therapeutics in a report on Monday, June 3rd. HC Wainwright reaffirmed a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research report on Monday, September 16th. Finally, Wedbush reaffirmed an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cullinan Therapeutics has a consensus rating of “Buy” and a consensus price target of $32.00.

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $18.09, for a total value of $144,720.00. Following the transaction, the insider now directly owns 115,942 shares of the company’s stock, valued at $2,097,390.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.07% of the company’s stock.

Cullinan Therapeutics Trading Down 7.4 %

NASDAQ CGEM opened at $16.34 on Thursday. The firm’s fifty day moving average price is $18.04 and its two-hundred day moving average price is $19.23. Cullinan Therapeutics, Inc. has a 1 year low of $7.64 and a 1 year high of $30.19. The firm has a market capitalization of $947.39 million, a P/E ratio of -5.22 and a beta of -0.12.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.02). On average, research analysts anticipate that Cullinan Therapeutics, Inc. will post -3.2 EPS for the current fiscal 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.