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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was the target of a significant growth in short interest during 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. Based on an average daily volume of 650,600 shares, the days-to-cover ratio is presently 14.2 days. Currently, 23.6% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wedbush restated an “outperform” rating and set a $36.00 price target on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. HC Wainwright restated a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a report on Wednesday. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $32.00.

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 8,000 shares of the company’s 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 sale, the insider now directly owns 115,942 shares in the company, valued at approximately $2,097,390.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.07% of the stock is owned by company insiders.

Institutional Trading of Cullinan Therapeutics

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

Cullinan Therapeutics Stock Performance

CGEM stock traded down $0.24 during midday trading on Thursday, reaching $17.37. The company’s stock had a trading volume of 434,177 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 firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of -5.63 and a beta of -0.13. The stock has a fifty day simple moving average of $17.33 and a two-hundred day simple moving average of $19.23.

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