Short Interest in Cullinan Therapeutics, Inc. (NASDAQ:CGEM) Decreases By 19.9%

Cullinan Therapeutics, Inc. (NASDAQ:CGEM - Get Free Report) was the target of a significant decrease in short interest in the month of May. As of May 15th, there was short interest totalling 5,990,000 shares, a decrease of 19.9% from the April 30th total of 7,480,000 shares. Currently, 16.7% of the company's stock are sold short. Based on an average trading volume of 460,500 shares, the days-to-cover ratio is currently 13.0 days.

Institutional Trading of Cullinan Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in Cullinan Therapeutics by 580.9% during the fourth quarter. JPMorgan Chase & Co. now owns 198,214 shares of the company's stock worth $2,414,000 after buying an additional 169,104 shares during the period. Barclays PLC grew its position in shares of Cullinan Therapeutics by 26.0% during the third quarter. Barclays PLC now owns 248,614 shares of the company's stock worth $4,161,000 after acquiring an additional 51,300 shares during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Cullinan Therapeutics by 32.9% in the 4th quarter. New York State Common Retirement Fund now owns 12,918 shares of the company's stock valued at $157,000 after acquiring an additional 3,200 shares during the period. Rhumbline Advisers increased its holdings in shares of Cullinan Therapeutics by 8.5% in the 4th quarter. Rhumbline Advisers now owns 68,208 shares of the company's stock valued at $831,000 after acquiring an additional 5,348 shares during the period. Finally, Invesco Ltd. raised its position in Cullinan Therapeutics by 2.4% in the 4th quarter. Invesco Ltd. now owns 59,553 shares of the company's stock valued at $725,000 after purchasing an additional 1,395 shares during the last quarter. 86.31% of the stock is owned by hedge funds and other institutional investors.

Cullinan Therapeutics Price Performance

Shares of NASDAQ:CGEM traded down $0.33 during trading on Thursday, hitting $8.74. 327,829 shares of the company were exchanged, compared to its average volume of 571,844. The firm's 50 day moving average price is $7.93 and its 200-day moving average price is $9.65. Cullinan Therapeutics has a 12-month low of $6.85 and a 12-month high of $24.76. The stock has a market capitalization of $515.79 million, a P/E ratio of -3.08 and a beta of -0.04.

Cullinan Therapeutics (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share for the quarter, beating analysts' consensus estimates of ($0.78) by $0.04. As a group, equities research analysts anticipate that Cullinan Therapeutics will post -3.04 EPS for the current year.

Analyst Ratings Changes

CGEM has been the subject of a number of recent research reports. UBS Group decreased their target price on Cullinan Therapeutics from $30.00 to $24.00 and set a "buy" rating for the company in a report on Monday, May 12th. Morgan Stanley reiterated an "overweight" rating and issued a $35.00 price objective (down previously from $38.00) on shares of Cullinan Therapeutics in a research note on Friday, March 7th. Finally, HC Wainwright reissued a "buy" rating and set a $33.00 price objective on shares of Cullinan Therapeutics in a research report on Wednesday, April 16th.

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.