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

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CGEM. UBS Group assumed coverage on Cullinan Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $30.00 price objective for the company. HC Wainwright boosted their target price on shares of Cullinan Therapeutics from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Cullinan Therapeutics presently has an average rating of “Buy” and a consensus price target of $32.50.

Cullinan Therapeutics Stock Performance

Shares of NASDAQ:CGEM traded down $0.27 during midday trading on Tuesday, hitting $9.26. 340,455 shares of the 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 business’s fifty day simple moving average is $10.98 and its two-hundred day simple moving average is $14.35. The company has a market capitalization of $539.21 million, a PE ratio of -3.26 and a beta of -0.16.

Insider Transactions at Cullinan Therapeutics

In other news, insider Jennifer Michaelson sold 4,693 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total transaction of $53,547.13. Following the completion of the sale, the insider now owns 99,760 shares in the company, valued at approximately $1,138,261.60. This represents a 4.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nadim Ahmed sold 8,400 shares of the stock in a transaction 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 $3,123,590.50. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,582 shares of company stock worth $246,977. Company insiders own 6.07% of the company’s stock.

Institutional Trading of Cullinan Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank raised 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 worth $30,000 after acquiring an additional 872 shares in the last quarter. Federated Hermes Inc. raised its holdings in 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 buying an additional 1,525 shares in the last quarter. Virtus ETF Advisers LLC raised its holdings in 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 buying an additional 1,600 shares in the last quarter. Aquatic Capital Management LLC bought a new position in Cullinan Therapeutics during the fourth quarter valued at about $77,000. Finally, KLP Kapitalforvaltning AS bought a new position in Cullinan Therapeutics during the fourth quarter valued at about $83,000. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

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.