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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was the target of a large growth in short interest in 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 trading volume of 544,700 shares, the days-to-cover ratio is presently 16.8 days. Currently, 24.7% of the company’s stock are sold short.

Cullinan Therapeutics Stock Performance

NASDAQ CGEM traded down $0.13 during trading hours on Tuesday, reaching $11.67. The stock had a trading volume of 110,174 shares, compared to its average volume of 641,992. Cullinan Therapeutics has a 52-week low of $8.02 and a 52-week high of $30.19. The stock has a fifty day moving average of $14.66 and a 200 day moving average of $16.93. The stock has a market cap of $679.52 million, a P/E ratio of -4.02 and a beta of -0.18.

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $15.64, for a total value of $125,120.00. Following the sale, the insider now directly owns 107,942 shares in the company, valued at approximately $1,688,212.88. This trade represents a 6.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. RTW Investments LP boosted its position in Cullinan Therapeutics by 62.1% in the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company’s stock worth $28,558,000 after purchasing an additional 653,330 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Cullinan Therapeutics by 2,416.9% in the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company’s stock valued at $20,650,000 after purchasing an additional 1,136,993 shares during the period. Braidwell LP grew its position in Cullinan Therapeutics by 567.6% during the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock valued at $19,689,000 after buying an additional 1,000,000 shares during the period. E Fund Management Co. Ltd. acquired a new stake in Cullinan Therapeutics during the second quarter valued at $1,305,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Cullinan Therapeutics by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company’s stock worth $7,097,000 after acquiring an additional 53,328 shares during the period. 86.31% of the stock is owned by institutional investors and hedge funds.

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.