Cullinan Oncology, Inc. (NASDAQ:CGEM) Sees Significant Increase in Short Interest

Cullinan Oncology, Inc. (NASDAQ:CGEM) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 935,400 shares, an increase of 34.8% from the February 29th total of 694,100 shares. Based on an average daily volume of 402,300 shares, the short-interest ratio is presently 2.3 days. Approximately 3.6% of the company’s shares are sold short.

Cullinan Oncology Price Performance

NASDAQ CGEM traded down $0.69 during trading hours on Friday, reaching $17.04. 394,192 shares of the company’s stock traded hands, compared to its average volume of 443,305. Cullinan Oncology has a 52-week low of $7.64 and a 52-week high of $19.68. The firm has a market cap of $733.91 million, a PE ratio of -4.62 and a beta of 0.34. The firm has a 50-day simple moving average of $16.68 and a 200 day simple moving average of $11.84.

Insider Transactions at Cullinan Oncology

In other news, insider Corrine Savill sold 40,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $16.18, for a total value of $647,200.00. Following the completion of the sale, the insider now directly owns 165,990 shares of the company’s stock, valued at approximately $2,685,718.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last ninety days, insiders sold 98,684 shares of company stock valued at $1,437,624. Company insiders own 8.82% of the company’s stock.

Institutional Trading of Cullinan Oncology

Institutional investors and hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new stake in Cullinan Oncology during the 2nd quarter valued at about $53,000. China Universal Asset Management Co. Ltd. grew 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 acquiring an additional 3,859 shares during the period. Point72 Middle East FZE bought a new stake in shares of Cullinan Oncology in the second quarter worth approximately $59,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cullinan Oncology by 1,331.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock worth $59,000 after buying an additional 6,085 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in shares of Cullinan Oncology by 499.8% in the second quarter. Royal Bank of Canada now owns 8,991 shares of the company’s stock worth $97,000 after buying an additional 7,492 shares during the last quarter. 86.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on CGEM. Wedbush began coverage on shares of Cullinan Oncology in a research report on Thursday, February 15th. They issued an “outperform” rating and a $30.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $34.00 price target on shares of Cullinan Oncology in a research report on Thursday, March 14th.

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.