Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Sees Significant Growth in Short Interest

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was the recipient of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 9,160,000 shares, a growth of 5.2% from the November 15th total of 8,710,000 shares. Based on an average daily volume of 544,700 shares, the short-interest ratio is currently 16.8 days. Approximately 24.7% of the company’s stock are short sold.

Insider Activity at Cullinan Therapeutics

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total transaction of $125,120.00. Following the transaction, the insider now directly owns 107,942 shares in the company, valued at $1,688,212.88. This represents a 6.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 6.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Amalgamated Bank raised its stake in Cullinan Therapeutics by 97.3% during the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after acquiring an additional 872 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased 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 valued at $155,000 after purchasing an additional 3,758 shares during the period. Arizona State Retirement System bought a new stake in shares of Cullinan Therapeutics during the second quarter valued at about $182,000. Squarepoint Ops LLC acquired a new stake in Cullinan Therapeutics in the second quarter worth about $186,000. Finally, China Universal Asset Management Co. Ltd. grew its position in Cullinan Therapeutics by 64.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock valued at $187,000 after buying an additional 4,380 shares in the last quarter. Institutional investors own 86.31% of the company’s stock.

Cullinan Therapeutics Trading Down 2.6 %

NASDAQ:CGEM opened at $11.49 on Wednesday. The firm has a market capitalization of $669.04 million, a PE ratio of -4.05 and a beta of -0.18. Cullinan Therapeutics has a 52 week low of $8.02 and a 52 week high of $30.19. The stock has a 50 day moving average of $14.57 and a 200-day moving average of $16.84.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. As a group, analysts predict that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on CGEM shares. HC Wainwright reaffirmed a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. Wedbush reiterated an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Finally, UBS Group started coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $31.67.

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.