Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Short Interest Down 10.7% in January

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) was the target of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 8,730,000 shares, a decrease of 10.7% from the January 15th total of 9,780,000 shares. Currently, 23.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 555,600 shares, the short-interest ratio is presently 15.7 days.

Cullinan Therapeutics Stock Performance

Shares of Cullinan Therapeutics stock traded down $0.12 on Friday, reaching $9.03. The company had a trading volume of 323,682 shares, compared to its average volume of 466,179. The firm's 50 day moving average price is $10.86 and its two-hundred day moving average price is $14.28. The firm has a market cap of $525.82 million, a PE ratio of -3.18 and a beta of -0.16. Cullinan Therapeutics has a 52-week low of $8.92 and a 52-week high of $30.19.

Insider Activity

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 3,489 shares of Cullinan Therapeutics stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $12.52, for a total transaction of $43,682.28. Following the transaction, the insider now directly owns 104,453 shares of the company's stock, valued at $1,307,751.56. The trade was a 3.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nadim Ahmed sold 8,400 shares of Cullinan Therapeutics stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the transaction, the chief executive officer now directly owns 263,150 shares in the company, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,582 shares of company stock worth $246,977 over the last three months. Insiders own 6.07% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. 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. Federated Hermes Inc. grew its holdings in shares of Cullinan Therapeutics by 67.0% in the fourth quarter. Federated Hermes Inc. now owns 3,802 shares of the company's stock valued at $46,000 after purchasing an additional 1,525 shares in the last quarter. Virtus ETF Advisers LLC grew its holdings in shares of Cullinan Therapeutics by 37.8% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,828 shares of the company's stock valued at $71,000 after purchasing an additional 1,600 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Cullinan Therapeutics in the fourth quarter valued at approximately $77,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Cullinan Therapeutics in the fourth quarter valued at approximately $83,000. Institutional investors and hedge funds own 86.31% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on CGEM shares. HC Wainwright lifted their target price on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. UBS Group initiated coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They set a "buy" rating and a $30.00 target price on the stock. Seven 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 price target of $32.50.

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.