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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was the target of a significant increase in short interest during the month of 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 currently 16.8 days. Approximately 24.7% of the shares of the company are short sold.

Insider Transactions at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total transaction of $125,120.00. Following the transaction, the insider now directly owns 107,942 shares in the company, valued at $1,688,212.88. The trade was a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 6.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Cullinan Therapeutics

Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of Cullinan Therapeutics by 23.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company’s stock worth $20,233,000 after acquiring an additional 231,935 shares in the last quarter. Barclays PLC boosted its stake in Cullinan Therapeutics by 26.0% in the third quarter. Barclays PLC now owns 248,614 shares of the company’s stock worth $4,161,000 after purchasing an additional 51,300 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Cullinan Therapeutics by 40.7% in the third quarter. Y Intercept Hong Kong Ltd now owns 25,369 shares of the company’s stock worth $425,000 after purchasing an additional 7,343 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Cullinan Therapeutics by 47.1% in the third quarter. Wellington Management Group LLP now owns 106,025 shares of the company’s stock valued at $1,775,000 after buying an additional 33,927 shares in the last quarter. Finally, Sphera Funds Management LTD. bought a new position in shares of Cullinan Therapeutics in the third quarter valued at about $3,111,000. 86.31% of the stock is owned by institutional investors.

Cullinan Therapeutics Price Performance

Shares of NASDAQ:CGEM opened at $11.75 on Monday. The stock has a market capitalization of $684.18 million, a price-to-earnings ratio of -4.14 and a beta of -0.18. The business’s fifty day moving average price is $14.75 and its two-hundred day moving average price is $17.00. Cullinan Therapeutics has a fifty-two week low of $8.02 and a fifty-two week high of $30.19.

Cullinan Therapeutics (NASDAQ:CGEM) last posted its earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.09. Research analysts expect that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CGEM. HC Wainwright restated a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, October 16th. UBS Group started 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. Finally, Wedbush reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price 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.