William Blair analyst Matt Phipps has reiterated their bullish stance on CGEM stock, giving a Buy rating on September 4.
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Matt Phipps has given his Buy rating due to a combination of factors, primarily focusing on the promising developments in Cullinan Management’s drug pipeline. The company, in collaboration with Taiho Oncology, presented encouraging data for zipalertinib, an EGFR exon 20 inhibitor, at the 2025 IASLC World Conference on Lung Cancer. The drug showed strong efficacy and a favorable safety profile in patients previously treated with Rybrevant, suggesting its potential for significant uptake in the second-line setting once the NDA is submitted by the end of 2025.
Furthermore, zipalertinib has shown initial promising results in patients with uncommon EGFR mutations, indicating a potential expansion opportunity. Additionally, the anticipation of first clinical data from CLN-978 in autoimmune diseases and the potential contribution of CLN-049 to the company’s valuation strengthen the case for a Buy rating. Given that Cullinan’s stock trades slightly below its cash on hand, these pipeline advancements could meaningfully enhance its valuation, supporting the Outperform rating.