Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Short Interest Update

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was the target of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 8,730,000 shares, a drop of 10.7% from the January 15th total of 9,780,000 shares. Approximately 23.7% of the company’s shares are short sold. Based on an average trading volume of 555,600 shares, the days-to-cover ratio is currently 15.7 days.

Analysts Set New Price Targets

CGEM has been the subject of several research reports. HC Wainwright lifted their target price on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. UBS Group assumed coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective on the stock. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $32.50.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ:CGEM traded down $0.06 during trading on Monday, hitting $9.53. The company’s stock had a trading volume of 280,815 shares, compared to its average volume of 529,378. The company has a market capitalization of $554.93 million, a PE ratio of -3.36 and a beta of -0.16. Cullinan Therapeutics has a fifty-two week low of $9.47 and a fifty-two week high of $30.19. The business has a 50 day moving average price of $11.05 and a two-hundred day moving average price of $14.41.

Insiders Place Their Bets

In other Cullinan Therapeutics news, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jennifer Michaelson sold 3,489 shares of Cullinan Therapeutics stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $12.52, for a total transaction of $43,682.28. Following the sale, the insider now owns 104,453 shares of the company’s stock, valued at approximately $1,307,751.56. This represents a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,582 shares of company stock valued at $246,977 in the last three months. 6.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Amalgamated Bank increased its position in shares of Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after purchasing an additional 872 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Cullinan Therapeutics by 67.0% in the 4th quarter. Federated Hermes Inc. now owns 3,802 shares of the company’s stock valued at $46,000 after acquiring an additional 1,525 shares during the last quarter. Virtus ETF Advisers LLC boosted its position in shares of Cullinan Therapeutics by 37.8% in the 4th quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company’s stock valued at $71,000 after purchasing an additional 1,600 shares during the period. Aquatic Capital Management LLC acquired a new stake in shares of Cullinan Therapeutics in the 4th quarter valued at about $77,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Cullinan Therapeutics in the 4th quarter valued at about $83,000. 86.31% of the stock is owned by institutional investors and hedge funds.

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.