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

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

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total value of $125,120.00. Following the completion of the transaction, the insider now owns 107,942 shares of the company’s stock, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently added to or reduced their stakes in CGEM. RTW Investments LP raised its position in shares of Cullinan Therapeutics by 62.1% in the third quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock valued at $28,558,000 after purchasing an additional 653,330 shares during the period. Marshall Wace LLP raised its holdings in Cullinan Therapeutics by 2,416.9% in the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock worth $20,650,000 after acquiring an additional 1,136,993 shares during the period. Braidwell LP lifted its position in Cullinan Therapeutics by 567.6% during the 3rd quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after acquiring an additional 1,000,000 shares during the last quarter. E Fund Management Co. Ltd. acquired a new position in Cullinan Therapeutics during the 2nd quarter worth $1,305,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cullinan Therapeutics by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company’s stock valued at $7,097,000 after acquiring an additional 53,328 shares during the period. Institutional investors own 86.31% of the company’s stock.

Analyst Ratings Changes

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

Cullinan Therapeutics Trading Down 3.7 %

CGEM stock opened at $11.75 on Monday. The firm has a market cap of $684.18 million, a PE ratio of -4.14 and a beta of -0.18. Cullinan Therapeutics has a 1 year low of $8.02 and a 1 year high of $30.19. The company has a fifty day simple moving average of $14.75 and a 200 day simple moving average of $17.00.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results 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 forecast that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

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.