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

Cullinan Oncology, Inc. (NASDAQ:CGEM) was the recipient of a large increase in short interest in 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. Based on an average trading volume of 537,900 shares, the short-interest ratio is currently 3.1 days. Currently, 6.4% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Jonestrading lifted their price objective on Cullinan Oncology from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. William Blair began coverage on Cullinan Oncology in a research note on Monday, April 15th. They issued an “outperform” rating for the company. HC Wainwright reduced their target price on Cullinan Oncology from $34.00 to $29.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. 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. Finally, Wedbush began coverage on Cullinan Oncology in a research note on Thursday, February 15th. They issued an “outperform” rating and a $30.00 target price for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Cullinan Oncology has an average rating of “Buy” and a consensus price target of $28.75.

Cullinan Oncology Price Performance

Shares of CGEM opened at $25.30 on Monday. The company has a market cap of $1.09 billion, a PE ratio of -6.86 and a beta of 0.33. Cullinan Oncology has a one year low of $7.64 and a one year high of $25.72. The stock has a 50-day moving average of $17.32 and a 200-day moving average of $13.09.

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, beating analysts’ consensus estimates of ($0.96) by $0.42. Analysts expect that Cullinan Oncology will post -3.21 EPS for the current fiscal year.

Insider Transactions at Cullinan Oncology

In other news, insider Corrine Savill sold 40,000 shares of Cullinan Oncology stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $16.18, for a total value of $647,200.00. Following the completion of the transaction, 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 accessible through this hyperlink. Corporate insiders own 8.82% of the company’s stock.

Hedge Funds Weigh In On Cullinan Oncology

Hedge funds have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. boosted its stake in Cullinan Oncology by 352.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,954 shares of the company’s stock valued at $50,000 after purchasing an additional 3,859 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Cullinan Oncology by 1,331.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,542 shares of the company’s stock valued at $59,000 after purchasing an additional 6,085 shares during the last quarter. Vontobel Holding Ltd. acquired a new position in Cullinan Oncology during the 4th quarter valued at about $102,000. Bailard Inc. bought a new position in shares of Cullinan Oncology during the 4th quarter worth approximately $110,000. Finally, Annandale Capital LLC lifted its position in shares of Cullinan Oncology by 20.0% during the 3rd quarter. Annandale Capital LLC now owns 12,000 shares of the company’s stock worth $109,000 after buying an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.

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.