Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Short Interest Up 9.4% in September

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) saw a significant growth in short interest in 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. Approximately 23.6% of the company’s stock are short sold. Based on an average daily volume of 650,600 shares, the days-to-cover ratio is currently 14.2 days.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday. Wedbush reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $32.00.

Insider Buying and Selling

In other news, insider Jennifer Michaelson sold 8,000 shares of Cullinan Therapeutics stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $18.09, for a total transaction of $144,720.00. Following the completion of the transaction, the insider now directly owns 115,942 shares in the company, valued at $2,097,390.78. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CGEM. Ameritas Investment Partners Inc. boosted its position in shares of Cullinan Therapeutics by 31.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock valued at $44,000 after acquiring an additional 615 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in Cullinan Therapeutics by 81.6% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 8,996 shares of the company’s stock worth $153,000 after buying an additional 4,042 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Cullinan Therapeutics by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,883 shares of the company’s stock worth $155,000 after buying an additional 3,758 shares during the last quarter. Arizona State Retirement System purchased a new stake in shares of Cullinan Therapeutics during the 2nd quarter valued at $182,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Cullinan Therapeutics during the 2nd quarter worth $186,000. 86.31% of the stock is owned by institutional investors.

Cullinan Therapeutics Trading Down 1.4 %

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

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.02). As a group, equities research analysts forecast that Cullinan Therapeutics will post -3.2 earnings per share for the current year.

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.