Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Short Interest Up 5.2% in November

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) saw a significant increase in short interest during the month of 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. Approximately 24.7% of the shares of the stock are short sold. Based on an average trading volume of 544,700 shares, the short-interest ratio is presently 16.8 days.

Cullinan Therapeutics Stock Performance

Shares of CGEM stock opened at $11.49 on Wednesday. The firm has a market capitalization of $669.04 million, a price-to-earnings ratio of -4.05 and a beta of -0.18. Cullinan Therapeutics has a one year low of $8.02 and a one year high of $30.19. The company has a 50 day moving average price of $14.57 and a 200 day moving average price of $16.84.

Cullinan Therapeutics (NASDAQ:CGEM) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.09. As a group, equities analysts forecast that Cullinan Therapeutics will post -3.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CGEM shares. HC Wainwright reissued a “buy” rating and issued a $28.00 target price on shares of Cullinan Therapeutics in a research note on Wednesday, October 16th. Wedbush restated an “outperform” rating and set a $36.00 target price on shares of Cullinan Therapeutics in a research report on Wednesday, September 18th. Finally, UBS Group assumed coverage on shares of Cullinan Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $30.00 target price for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $31.67.

Insider Buying and Selling at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 3,489 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $12.52, for a total value of $43,682.28. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 6.07% of the company’s stock.

Hedge Funds Weigh In On Cullinan Therapeutics

Large investors have recently modified their holdings of the company. RTW Investments LP increased its position 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 in the last quarter. Marshall Wace LLP grew its stake in Cullinan Therapeutics by 2,416.9% during the second 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 increased its position in shares of Cullinan Therapeutics by 567.6% in the third quarter. Braidwell LP now owns 1,176,173 shares of the company’s stock worth $19,689,000 after acquiring an additional 1,000,000 shares in the last quarter. E Fund Management Co. Ltd. purchased a new position in shares of Cullinan Therapeutics in the 2nd quarter valued at $1,305,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Cullinan Therapeutics by 14.4% during the 3rd 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. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.