Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Short Interest Update

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was the recipient of a large decrease in short interest in 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. Based on an average daily volume of 555,600 shares, the days-to-cover ratio is currently 15.7 days. Currently, 23.7% of the shares of the company are short sold.

Insider Activity at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 8,400 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total value of $99,708.00. Following the completion of the sale, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at $3,123,590.50. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer Michaelson sold 3,489 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $12.52, for a total value of $43,682.28. Following the completion of the sale, the insider now directly owns 104,453 shares of the company’s stock, valued at $1,307,751.56. This represents a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,582 shares of company stock valued at $246,977 in the last three months. 6.07% of the stock is currently owned by company insiders.

Institutional Trading of Cullinan Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank grew its holdings in shares of Cullinan Therapeutics by 97.3% during 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 during the last quarter. Federated Hermes Inc. grew its holdings in shares of Cullinan Therapeutics by 67.0% during 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 during the last quarter. Virtus ETF Advisers LLC grew its holdings in shares of Cullinan Therapeutics by 37.8% during 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 during the last quarter. Aquatic Capital Management LLC bought a new position in shares of Cullinan Therapeutics during the fourth quarter valued at approximately $77,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Cullinan Therapeutics during the fourth quarter valued at approximately $83,000. 86.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CGEM has been the subject of several recent research reports. HC Wainwright raised their price target on Cullinan Therapeutics from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. UBS Group initiated coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 price target for the company. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $32.50.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ CGEM traded down $0.27 during midday trading on Tuesday, reaching $9.26. 340,455 shares of the company’s stock were exchanged, compared to its average volume of 471,608. Cullinan Therapeutics has a 52-week low of $9.06 and a 52-week high of $30.19. The stock has a market capitalization of $539.21 million, a PE ratio of -3.26 and a beta of -0.16. The business’s fifty day moving average price is $10.98 and its two-hundred day moving average price is $14.35.

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.