Short Interest in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Increases By 5.3%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) saw a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 9,650,000 shares, a growth of 5.3% from the November 30th total of 9,160,000 shares. Currently, 26.0% of the company’s shares are short sold. Based on an average daily trading volume, of 496,100 shares, the days-to-cover ratio is presently 19.5 days.

Cullinan Therapeutics Price Performance

Shares of NASDAQ:CGEM opened at $12.18 on Thursday. Cullinan Therapeutics has a one year low of $10.00 and a one year high of $30.19. The company has a market cap of $709.22 million, a price-to-earnings ratio of -4.29 and a beta of -0.18. The firm has a fifty day moving average price of $13.60 and a two-hundred day moving average price of $16.09.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.09. Equities research analysts expect that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

Insider Activity

In related news, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now directly owns 263,150 shares in the company, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer Michaelson sold 3,489 shares of the firm’s 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 transaction, the insider now directly owns 104,453 shares in the company, valued at $1,307,751.56. The trade was a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,582 shares of company stock valued at $322,057 over the last quarter. 6.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Amalgamated Bank increased its stake in Cullinan Therapeutics by 97.3% in the 3rd quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock worth $30,000 after purchasing an additional 872 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cullinan Therapeutics by 73.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock valued at $155,000 after buying an additional 3,758 shares during the last quarter. Arizona State Retirement System purchased a new stake in Cullinan Therapeutics during the 2nd quarter valued at $182,000. Squarepoint Ops LLC purchased a new stake in shares of Cullinan Therapeutics during the second quarter worth about $186,000. Finally, China Universal Asset Management Co. Ltd. boosted its position in shares of Cullinan Therapeutics by 64.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,151 shares of the company’s stock valued at $187,000 after purchasing an additional 4,380 shares in the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Analyst Ratings Changes

CGEM has been the topic of several research analyst reports. UBS Group started coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price objective on the stock. Wedbush restated an “outperform” rating and issued a $36.00 price objective on shares of Cullinan Therapeutics in a research note on Wednesday, September 18th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cullinan Therapeutics presently has a consensus rating of “Buy” and an average target price 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.