Short Interest in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Grows By 5.2%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) was the target of a significant increase in short interest in 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 daily trading volume, of 544,700 shares, the days-to-cover ratio is currently 16.8 days. Approximately 24.7% of the company's stock are sold short.

Wall Street Analyst Weigh In

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

Insider Activity at Cullinan Therapeutics

In related news, insider Jennifer Michaelson sold 8,000 shares of the firm's stock in a transaction 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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.07% of the stock is owned by insiders.

Institutional Trading of Cullinan Therapeutics

A number of hedge funds have recently modified their holdings of CGEM. RTW Investments LP lifted its holdings in Cullinan Therapeutics by 62.1% during the 3rd quarter. RTW Investments LP now owns 1,705,960 shares of the company's stock worth $28,558,000 after purchasing an additional 653,330 shares during the last quarter. Marshall Wace LLP increased its position in Cullinan Therapeutics by 2,416.9% during the 2nd quarter. Marshall Wace LLP now owns 1,184,037 shares of the company's stock worth $20,650,000 after buying an additional 1,136,993 shares during the period. Braidwell LP lifted its holdings in shares of Cullinan Therapeutics by 567.6% during the third quarter. Braidwell LP now owns 1,176,173 shares of the company's stock worth $19,689,000 after buying an additional 1,000,000 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in shares of Cullinan Therapeutics in the second quarter valued at about $1,305,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Cullinan Therapeutics by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 423,959 shares of the company's stock valued at $7,097,000 after acquiring an additional 53,328 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company's stock.

Cullinan Therapeutics Trading Up 0.4 %

Shares of CGEM traded up $0.05 during mid-day trading on Monday, reaching $11.80. The company's stock had a trading volume of 375,226 shares, compared to its average volume of 644,203. Cullinan Therapeutics has a 1-year low of $8.02 and a 1-year high of $30.19. The business has a 50-day simple moving average of $14.75 and a two-hundred day simple moving average of $17.00. The stock has a market cap of $687.09 million, a P/E ratio of -4.14 and a beta of -0.18.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.09. Research analysts anticipate that Cullinan Therapeutics will post -3.12 EPS 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.