JonesTrading analyst Soumit Roy has reiterated their bullish stance on CGEM stock, giving a Buy rating on November 24.
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Soumit Roy has given his Buy rating due to a combination of factors related to Cullinan Therapeutics’ promising developments in their treatment for acute myeloid leukemia (AML). The inclusion of CLN-049 in their valuation model, following encouraging data from the ASH abstract, highlights the potential of this treatment in patients with relapsed or refractory AML. The drug targets the FLT3 receptor, which is present on a significant majority of AML blasts, thereby offering a targeted approach with potential benefits for a wide patient population.
Furthermore, the market potential for CLN-049 is substantial, with an estimated peak sales projection of approximately $1 billion by 2035 in the US and EU5 markets. This projection is based on a market penetration assumption of 25% and a pricing strategy of $25,000 per month for a six-month treatment regimen. The ongoing Phase 1 trials and upcoming presentations at ASH further support the positive outlook, reinforcing the Buy rating with a price target of $36.
In another report released on November 24, BTIG also maintained a Buy rating on the stock with a $38.00 price target.