Short Interest in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Drops By 10.7%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM) was the recipient of a large 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. Based on an average daily trading volume, of 555,600 shares, the days-to-cover ratio is presently 15.7 days. Approximately 23.7% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CGEM shares. UBS Group started 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 upped their price objective on Cullinan Therapeutics from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $32.50.

Insider Activity at Cullinan Therapeutics

In other news, CEO Nadim Ahmed sold 8,400 shares of the company’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $11.87, for a total transaction of $99,708.00. Following the completion of the transaction, the chief executive officer now directly owns 263,150 shares of the company’s stock, valued at approximately $3,123,590.50. This represents a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jennifer Michaelson sold 4,693 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $11.41, for a total value of $53,547.13. Following the transaction, the insider now directly owns 99,760 shares of the company’s stock, valued at approximately $1,138,261.60. This represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,582 shares of company stock worth $246,977. 6.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of large investors have recently bought and sold shares of CGEM. Deerfield Management Company L.P. Series C boosted its holdings in shares of Cullinan Therapeutics by 3.0% during the fourth quarter. Deerfield Management Company L.P. Series C now owns 3,379,399 shares of the company’s stock worth $41,161,000 after purchasing an additional 99,399 shares during the last quarter. Blue Owl Capital Holdings LP boosted its holdings in shares of Cullinan Therapeutics by 17.9% during the fourth quarter. Blue Owl Capital Holdings LP now owns 2,370,972 shares of the company’s stock worth $28,878,000 after purchasing an additional 360,000 shares during the last quarter. State Street Corp boosted its holdings in shares of Cullinan Therapeutics by 20.4% during the third quarter. State Street Corp now owns 2,337,222 shares of the company’s stock worth $39,125,000 after purchasing an additional 396,034 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Cullinan Therapeutics by 0.4% during the fourth quarter. Franklin Resources Inc. now owns 2,199,709 shares of the company’s stock worth $26,792,000 after purchasing an additional 8,447 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Cullinan Therapeutics by 8.5% in the fourth quarter. Alliancebernstein L.P. now owns 2,011,525 shares of the company’s stock valued at $24,500,000 after acquiring an additional 157,115 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

Cullinan Therapeutics Stock Down 2.8 %

NASDAQ CGEM traded down $0.27 during mid-day trading on Tuesday, hitting $9.26. The stock had a trading volume of 340,455 shares, compared to its average volume of 471,608. The company has a 50 day simple moving average of $10.98 and a 200 day simple moving average of $14.35. The company has a market cap of $539.21 million, a price-to-earnings ratio of -3.26 and a beta of -0.16. Cullinan Therapeutics has a 52-week low of $9.06 and a 52-week high of $30.19.

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.