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

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) saw a large increase in short interest in July. As of July 31st, there was short interest totalling 8,360,000 shares, an increase of 6.0% from the July 15th total of 7,890,000 shares. Based on an average daily trading volume, of 838,400 shares, the days-to-cover ratio is presently 10.0 days. Currently, 20.6% of the company’s stock are short sold.

Insiders Place Their Bets

In other news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $16.33, for a total transaction of $130,640.00. Following the transaction, the insider now directly owns 123,942 shares in the company, valued at approximately $2,023,972.86. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CGEM. Ameritas Investment Partners Inc. raised its holdings in shares of Cullinan Therapeutics by 31.0% in the first quarter. Ameritas Investment Partners Inc. now owns 2,599 shares of the company’s stock valued at $44,000 after buying an additional 615 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Cullinan Therapeutics by 3.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 22,842 shares of the company’s stock worth $390,000 after purchasing an additional 820 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Cullinan Therapeutics by 22.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company’s stock valued at $294,000 after buying an additional 3,134 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake 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 valued at $155,000 after purchasing an additional 3,758 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Cullinan Therapeutics by 81.6% during the 1st 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. Institutional investors and hedge funds own 86.31% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. William Blair reissued an “outperform” rating on shares of Cullinan Therapeutics in a research note on Monday, June 3rd. Stifel Nicolaus assumed coverage on Cullinan Therapeutics in a research report on Wednesday, May 1st. They issued a “buy” rating and a $40.00 price target for the company. Wedbush reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Cullinan Therapeutics in a research report on Thursday, August 8th. Finally, HC Wainwright reissued a “buy” rating and set a $28.00 price objective on shares of Cullinan Therapeutics in a research report on Monday, June 3rd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $32.00.

Cullinan Therapeutics Price Performance

Shares of CGEM traded down $0.25 on Tuesday, hitting $17.55. The company’s stock had a trading volume of 12,626 shares, compared to its average volume of 700,892. The company has a 50 day moving average price of $17.84 and a 200 day moving average price of $19.23. Cullinan Therapeutics has a fifty-two week low of $7.64 and a fifty-two week high of $30.19. The company has a market capitalization of $1.01 billion, a PE ratio of -5.69 and a beta of -0.12.

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.