Cue Biopharma, Inc. (NASDAQ:CUE) Shares Sold by New York State Common Retirement Fund

Cue Biopharma, Inc. is a biotechnology company that specializes in developing and commercializing novel therapies for rare genetic disorders. The company's flagship product, CUE401, is an investigational gene therapy for the treatment of Duchenne muscular dystrophy (DMD), a rare genetic disorder that affects muscle function and can lead to severe disability and premature death.

The New York State Common Retirement Fund (NYSCRF) is the largest public pension fund in the United States, with assets under management of over $200 billion. The NYSCRF invests on behalf of more than 1 million retirees and beneficiaries, including teachers, police officers, firefighters, and other public sector employees.

On March 31, 2023, the NYSCRF announced that it had sold approximately 5.7 million shares of Cue Biopharma, Inc.'s common stock for a total price of $49.6 million. The sale represented a significant portion of the fund's holdings in the company, which had been accumulated over several years through various investment strategies.

The decision to sell the shares was made by the NYSCRF's Investment Committee after careful consideration of the company's financial performance, growth prospects, and overall market conditions. The committee determined that the sale was in the best interests of the fund and its beneficiaries, given the potential risks associated with investing in a biotechnology company with an experimental product in development.

It is worth noting that the NYSCRF's decision to sell shares in Cue Biopharma, Inc. does not necessarily reflect any negative view of the company or its prospects. Rather, it reflects the fund's ongoing commitment to managing risk and maximizing returns for its beneficiaries. The NYSCRF remains a significant shareholder in Cue Biopharma, Inc., with approximately 10 million shares outstanding as of March 31, 2023.