Analyst Soumit Roy of JonesTrading maintained a Buy rating on Cullinan Management, retaining the price target of $34.00.
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Soumit Roy’s rating is based on the promising results from Cullinan Therapeutics’ Phase 1 study of CLN-049, which targets FLT3xCD3 in patients with relapsed or refractory acute myeloid leukemia (AML). The study showed a composite complete remission rate of 31% at the highest dose level, which is significant given the challenging nature of treating mutated AML. This data will be presented at the ASH conference, highlighting the potential of CLN-049 as a therapeutic option.
Additionally, the treatment demonstrated efficacy across various genetic risk profiles, including those with TP53 mutations, achieving an overall response rate of 80% at the 12 μg/kg dose. The correlation between clinical response and the reduction of FLT3-expressing blasts further supports the drug’s mechanism of action. Despite some common treatment-emergent adverse events, the overall data suggests a promising outlook for CLN-049, justifying the Buy rating.