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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) saw a large 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. Based on an average daily trading volume, of 496,100 shares, the short-interest ratio is presently 19.5 days. Currently, 26.0% of the company’s shares are short sold.

Cullinan Therapeutics Price Performance

NASDAQ:CGEM opened at $12.39 on Friday. The firm has a market cap of $721.44 million, a PE ratio of -4.36 and a beta of -0.18. The company has a 50-day moving average of $13.53 and a 200 day moving average of $16.07. Cullinan Therapeutics has a 1-year low of $10.00 and a 1-year high of $30.19.

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

Insider Activity at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at approximately $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 can be accessed through this link. Also, insider Jennifer Michaelson sold 3,489 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total value of $43,682.28. Following the sale, the insider now directly owns 104,453 shares of the company’s stock, valued at $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. In the last 90 days, insiders have sold 24,582 shares of company stock worth $322,057. 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. Bank of New York Mellon Corp lifted its stake in shares of Cullinan Therapeutics by 46.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,997 shares of the company’s stock worth $2,407,000 after purchasing an additional 43,757 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Cullinan Therapeutics by 73.3% during the second 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. Rhumbline Advisers lifted its position in shares of Cullinan Therapeutics by 16.4% during the second quarter. Rhumbline Advisers now owns 54,351 shares of the company’s stock valued at $948,000 after buying an additional 7,649 shares during the last quarter. Arizona State Retirement System bought a new stake in shares of Cullinan Therapeutics in the 2nd quarter valued at about $182,000. Finally, American Century Companies Inc. grew its position in shares of Cullinan Therapeutics by 32.9% in the 2nd quarter. American Century Companies Inc. now owns 76,018 shares of the company’s stock worth $1,326,000 after buying an additional 18,840 shares during the last quarter. Institutional investors own 86.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CGEM. UBS Group initiated coverage on shares of Cullinan Therapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $30.00 price target 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. Finally, HC Wainwright reaffirmed a “buy” rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Cullinan Therapeutics presently has a consensus rating of “Buy” and an average price target of $31.67.

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.