Cullinan Oncology, Inc. (NASDAQ:CGEM) Sees Large Growth in Short Interest

Cullinan Oncology, Inc. (NASDAQ:CGEM) was the target of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 1,680,000 shares, an increase of 16.7% from the March 31st total of 1,440,000 shares. Approximately 6.4% of the company’s shares are short sold. Based on an average daily trading volume, of 537,900 shares, the short-interest ratio is currently 3.1 days.

Insider Buying and Selling at Cullinan Oncology

In other Cullinan Oncology news, insider Corrine Savill sold 40,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $16.18, for a total transaction of $647,200.00. Following the completion of the sale, the insider now directly owns 165,990 shares in the company, valued at $2,685,718.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 8.82% of the company’s stock.

Hedge Funds Weigh In On Cullinan Oncology

A number of institutional investors have recently bought and sold shares of CGEM. SG Americas Securities LLC bought a new position in Cullinan Oncology in the third quarter worth about $116,000. Bank of New York Mellon Corp grew its holdings in Cullinan Oncology by 11.5% in the third quarter. Bank of New York Mellon Corp now owns 97,159 shares of the company’s stock worth $879,000 after purchasing an additional 9,989 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in 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 purchasing an additional 6,085 shares during the period. Assenagon Asset Management S.A. grew its holdings in Cullinan Oncology by 380.1% in the third quarter. Assenagon Asset Management S.A. now owns 609,106 shares of the company’s stock worth $5,512,000 after purchasing an additional 482,234 shares during the period. Finally, Barclays PLC grew its holdings in Cullinan Oncology by 145.6% in the third quarter. Barclays PLC now owns 53,393 shares of the company’s stock worth $483,000 after purchasing an additional 31,650 shares during the period. 86.31% of the stock is owned by institutional investors.

Cullinan Oncology Trading Up 31.4 %

Shares of NASDAQ:CGEM opened at $25.30 on Monday. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -6.86 and a beta of 0.33. The company has a 50-day moving average price of $17.32 and a 200-day moving average price of $13.09. Cullinan Oncology has a 12 month low of $7.64 and a 12 month high of $25.72.

Cullinan Oncology (NASDAQ:CGEM) last released its quarterly earnings results on Thursday, March 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.96) by $0.42. As a group, research analysts forecast that Cullinan Oncology will post -3.21 EPS for the current fiscal year.

Analysts Set New Price Targets

CGEM has been the subject of several analyst reports. BTIG Research upped their price target on shares of Cullinan Oncology from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Jonestrading upped their price objective on shares of Cullinan Oncology from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. HC Wainwright lowered their price objective 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. William Blair started coverage on shares of Cullinan Oncology in a research note on Monday, April 15th. They set an “outperform” rating for the company. Finally, Wedbush started coverage on shares of Cullinan Oncology in a research note on Thursday, February 15th. They set an “outperform” rating and a $30.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $28.75.

About Cullinan Oncology

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.