Cullinan: Buy Rating Reiterated on 2026 Clinical Catalysts and Undervalued Pipeline Upside

William Blair analyst Matt Phipps has reiterated their bullish stance on CGEM stock, giving a Buy rating today.

Matt Phipps has given his Buy rating due to a combination of factors tied to Cullinan’s advancing pipeline and upcoming data catalysts. He emphasizes that 2026 will be an important year for the company, with particular attention on the first clinical readouts from CLN-978 in rheumatoid arthritis and systemic lupus erythematosus expected in the second quarter. These data should clarify the therapy’s safety profile, depth and durability of B‑cell depletion (including in tissue), and early signs of clinical benefit, which he views as a major potential value driver for the stock. Phipps also notes that Cullinan’s shares have already significantly outperformed the broader biotech index since October, yet remain roughly unchanged over the past year, suggesting additional upside remains if the clinical data are favorable.

At the same time, Phipps highlights CLN-049 as a key but underappreciated component of Cullinan’s portfolio, with further clinical updates anticipated in the second half of 2026 as the program progresses into dose expansion and prepares for potential registrational paths. He believes that demonstrating sustained complete responses along with an acceptable safety profile in this program could support a blockbuster sales opportunity. Across the pipeline, he views Cullinan’s clinical execution—timely advancement of studies, clear milestone visibility, and disciplined development planning—as capable of driving further investor confidence and stock appreciation. Taken together, these factors underpin his decision to reiterate a positive rating on the shares.

In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $27.00 price target.

Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is neutral on the stock.