Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Sees Significant Increase in Short Interest

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 9,650,000 shares, an increase 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. Approximately 26.0% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of brokerages have commented on CGEM. HC Wainwright restated a "buy" rating and set a $28.00 price target on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Wedbush reaffirmed an "outperform" rating and set a $36.00 price objective on shares of Cullinan Therapeutics in a report on Wednesday, September 18th. Finally, UBS Group initiated coverage on Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a "buy" rating and a $30.00 price target on the stock. Seven investment 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 a consensus price target of $31.67.

Cullinan Therapeutics Price Performance

CGEM stock traded down $0.02 during midday trading on Wednesday, hitting $12.18. The company's stock had a trading volume of 361,761 shares, compared to its average volume of 644,567. The company's fifty day moving average price is $13.67 and its 200 day moving average price is $16.12. The stock has a market capitalization of $709.22 million, a P/E ratio of -4.29 and a beta of -0.18. Cullinan Therapeutics has a twelve month low of $10.00 and a twelve month high of $30.19.

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

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 8,000 shares of the firm's stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $15.64, for a total value of $125,120.00. Following the sale, the insider now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $11.87, for a total value of $99,708.00. Following the sale, the chief executive officer now owns 263,150 shares of the company's stock, valued at approximately $3,123,590.50. The trade was a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,582 shares of company stock worth $322,057. 6.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Deerfield Management Company L.P. Series C lifted its stake in shares of Cullinan Therapeutics by 188.1% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,280,237 shares of the company's stock worth $57,207,000 after acquiring an additional 2,141,706 shares during the period. State Street Corp lifted its holdings in shares of Cullinan Therapeutics by 20.4% in the third quarter. State Street Corp now owns 2,337,222 shares of the company's stock valued at $39,125,000 after purchasing an additional 396,034 shares in the last quarter. RTW Investments LP boosted 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 acquiring an additional 653,330 shares during the last quarter. Holocene Advisors LP raised its stake in shares of Cullinan Therapeutics by 16.5% during the 3rd quarter. Holocene Advisors LP now owns 1,533,579 shares of the company's stock worth $25,672,000 after purchasing an additional 217,574 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Cullinan Therapeutics by 23.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,208,421 shares of the company's stock valued at $20,233,000 after buying an additional 231,935 shares during the last quarter. Institutional investors own 86.31% of the company's stock.

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.