Legal & General Group Plc Makes New $500,000 Investment in Cullinan Therapeutics, Inc. $CGEM

Legal & General Group Plc bought a new position in shares of Cullinan Therapeutics, Inc. (NASDAQ:CGEM) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 27,477 shares of the company’s stock, valued at approximately $500,000.

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

Cullinan Therapeutics Trading Down 1.8%

Shares of NASDAQ CGEM opened at $21.69 on Wednesday. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -7.00 and a beta of 0.02. Cullinan Therapeutics, Inc. has a twelve month low of $5.68 and a twelve month high of $23.19. The business has a 50 day simple moving average of $19.25 and a 200-day simple moving average of $16.27.

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

Insider Activity

In other news, insider Jennifer Michaelson sold 30,000 shares of Cullinan Therapeutics stock in a transaction dated 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 transaction, the insider directly 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 filing with the SEC, which is accessible through this hyperlink. Insiders own 8.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CGEM. Wall Street Zen upgraded Cullinan Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. Wedbush upped their target price on Cullinan Therapeutics from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. BTIG Research increased their target price on Cullinan Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Cullinan Therapeutics in a research note on Monday, August 17th. Finally, TD Cowen raised shares of Cullinan Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.86.

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.