Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Sees Large Increase in Short Interest

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 9,210,000 shares, a growth of 9.4% from the September 15th total of 8,420,000 shares. Currently, 23.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 650,600 shares, the days-to-cover ratio is presently 14.2 days.

Cullinan Therapeutics Stock Down 1.4 %

Shares of CGEM traded down $0.24 during mid-day trading on Thursday, hitting $17.37. 432,069 shares of the company’s stock traded hands, compared to its average volume of 672,162. The firm has a market capitalization of $1.00 billion, a P/E ratio of -5.55 and a beta of -0.13. The business’s 50-day moving average price is $17.33 and its 200-day moving average price is $19.23. Cullinan Therapeutics has a 1 year low of $7.64 and a 1 year high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.02). Sell-side analysts anticipate that Cullinan Therapeutics will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $18.09, for a total value of $144,720.00. Following the completion of the sale, the insider now owns 115,942 shares of the company’s stock, valued at approximately $2,097,390.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Deerfield Management Company L.P. Series C grew its holdings in shares of Cullinan Therapeutics by 188.1% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company’s stock worth $57,207,000 after acquiring an additional 2,141,706 shares during the period. Marshall Wace LLP raised its holdings in Cullinan Therapeutics by 2,416.9% in the second quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after purchasing an additional 1,136,993 shares in the last quarter. Perceptive Advisors LLC purchased a new position in Cullinan Therapeutics during the second quarter valued at $13,079,000. Renaissance Technologies LLC boosted its holdings in shares of Cullinan Therapeutics by 31.3% during the 2nd quarter. Renaissance Technologies LLC now owns 421,708 shares of the company’s stock valued at $7,355,000 after buying an additional 100,608 shares in the last quarter. Finally, Lynx1 Capital Management LP purchased a new stake in shares of Cullinan Therapeutics in the 2nd quarter worth about $6,581,000. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on CGEM shares. Wedbush restated an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. HC Wainwright restated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cullinan Therapeutics presently has an average rating of “Buy” and an average price target of $32.00.

Cullinan Therapeutics Company Profile

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.