Cullinan Management’s Strategic Expansion and Financial Stability Bolster Buy Rating for CLN-978 Development

William Blair analyst Matt Phipps has reiterated their bullish stance on CGEM stock, giving a Buy rating on April 17.

Matt Phipps has given his Buy rating due to a combination of factors including Cullinan Management’s strategic expansion of their CLN-978 development into a third indication, Sjögren’s disease. This expansion is supported by a mechanistic rationale for B-cell depletion, as evidenced by prior studies with rituximab and other successful therapies targeting B cells and autoantibodies.
Furthermore, Cullinan’s financial stability, with adequate funding secured through 2028, positions the company well for continued development of CLN-978 and other key pipeline programs. The planned clinical trials, which include a structured dose-escalation scheme, aim to evaluate safety and tolerability, further solidifying the potential of CLN-978 in addressing autoimmune conditions like Sjögren’s disease, rheumatoid arthritis, and systemic lupus erythematosus.

In another report released on April 17, H.C. Wainwright also reiterated a Buy rating on the stock with a $33.00 price target.