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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) saw a significant 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 days-to-cover ratio is presently 19.5 days. Currently, 26.0% of the shares of the company are short sold.

Insider Activity at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the transaction, the chief executive officer now owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer Michaelson sold 8,000 shares of the business’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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,582 shares of company stock worth $322,057. 6.07% of the stock is owned by company insiders.

Institutional Trading of Cullinan Therapeutics

Large investors have recently added to or reduced their stakes in the company. Amalgamated Bank grew its holdings in shares of Cullinan Therapeutics by 97.3% in the third quarter. Amalgamated Bank now owns 1,768 shares of the company’s stock valued at $30,000 after purchasing an additional 872 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Cullinan Therapeutics by 3.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 70,911 shares of the company’s stock worth $1,187,000 after buying an additional 2,377 shares during 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. Harbor Capital Advisors Inc. lifted its holdings in shares of Cullinan Therapeutics by 22.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,362 shares of the company’s stock valued at $358,000 after acquiring an additional 3,881 shares during the last quarter. Finally, Profund Advisors LLC lifted its holdings in shares of Cullinan Therapeutics by 26.8% in the 2nd quarter. Profund Advisors LLC now owns 19,352 shares of the company’s stock valued at $337,000 after acquiring an additional 4,089 shares during the last quarter. Institutional investors own 86.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CGEM shares. Wedbush reiterated an “outperform” rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday, October 16th. Finally, UBS Group assumed coverage on Cullinan Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $31.67.

Cullinan Therapeutics Stock Performance

CGEM opened at $12.39 on Friday. The stock has a market capitalization of $721.44 million, a price-to-earnings ratio of -4.36 and a beta of -0.18. The company has a fifty day moving average of $13.53 and a 200 day moving average of $16.07. Cullinan Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $30.19.

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