Short Interest in Cullinan Oncology, Inc. (NASDAQ:CGEM) Grows By 40.5%

Cullinan Oncology, Inc. (NASDAQ:CGEM - Get Free Report) saw a large growth in short interest during the month of April. As of April 30th, there was short interest totalling 2,360,000 shares, a growth of 40.5% from the April 15th total of 1,680,000 shares. Currently, 10.2% of the company's shares are sold short. Based on an average daily trading volume, of 711,900 shares, the days-to-cover ratio is presently 3.3 days.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CGEM. BTIG Research raised their target price on Cullinan Oncology from $20.00 to $30.00 and gave the company a "buy" rating in a research note on Wednesday, April 17th. Wedbush started coverage on shares of Cullinan Oncology in a research report on Thursday, February 15th. They set an "outperform" rating and a $30.00 price target for the company. Stifel Nicolaus started coverage on shares of Cullinan Oncology in a research note on Wednesday, May 1st. They set a "buy" rating and a $40.00 price objective on the stock. HC Wainwright decreased their target price on shares of Cullinan Oncology from $34.00 to $29.00 and set a "buy" rating for the company in a research note on Tuesday, April 16th. Finally, Jonestrading lifted their target price on shares of Cullinan Oncology from $22.00 to $26.00 and gave the company a "buy" rating in a report on Wednesday, April 17th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Cullinan Oncology currently has an average rating of "Buy" and a consensus price target of $31.00.

Cullinan Oncology Stock Performance

Shares of CGEM stock traded down $0.60 during mid-day trading on Friday, hitting $26.57. The company's stock had a trading volume of 589,063 shares, compared to its average volume of 1,385,728. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of -7.20 and a beta of -0.01. Cullinan Oncology has a 52-week low of $7.64 and a 52-week high of $30.19. The business has a 50-day moving average price of $19.28 and a 200 day moving average price of $14.42.

Cullinan Oncology (NASDAQ:CGEM - Get Free Report) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.54) EPS for the quarter, topping analysts' consensus estimates of ($0.96) by $0.42. Equities research analysts predict that Cullinan Oncology will post -3.23 EPS for the current fiscal year.

Insider Activity at Cullinan Oncology

In related news, insider Jennifer Michaelson sold 58,000 shares of the business's stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $28.07, for a total transaction of $1,628,060.00. Following the transaction, the insider now owns 129,582 shares in the company, valued at approximately $3,637,366.74. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cullinan Oncology

A number of institutional investors and hedge funds have recently modified their holdings of CGEM. SG Americas Securities LLC boosted its stake in shares of Cullinan Oncology by 12.3% during the 4th quarter. SG Americas Securities LLC now owns 14,449 shares of the company's stock worth $147,000 after acquiring an additional 1,587 shares during the last quarter. Annandale Capital LLC lifted its position in Cullinan Oncology by 20.0% during the third quarter. Annandale Capital LLC now owns 12,000 shares of the company's stock valued at $109,000 after purchasing an additional 2,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Cullinan Oncology by 22.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,269 shares of the company's stock valued at $294,000 after purchasing an additional 3,134 shares during the period. Exchange Traded Concepts LLC increased its position in Cullinan Oncology by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 14,076 shares of the company's stock worth $143,000 after buying an additional 3,569 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Cullinan Oncology by 352.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company's stock worth $50,000 after buying an additional 3,859 shares during the period. 86.31% of the stock is currently owned by hedge funds and other institutional investors.

Cullinan Oncology Company Profile

Cullinan Oncology, 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.

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