Julian Harrison, an analyst from BTIG, maintained the Buy rating on Cullinan Management (CGEM – Research Report). The associated price target remains the same with $32.00.
Julian Harrison’s rating is based on the promising potential of Cullinan Management’s CLN-978, particularly in the treatment of rheumatoid arthritis. The European Medicines Agency’s approval of the Clinical Trial Application for CLN-978’s Phase 1 trial marks a significant milestone, with the trial expected to commence in the second quarter of 2025. This trial will target patients with refractory rheumatoid arthritis, a condition with substantial unmet needs, and will focus on assessing clinical activity through secondary endpoints.
CLN-978 is anticipated to be a best-in-class CD19xCD3 T-cell engager due to its enhanced therapeutic index, which offers greater potency for B-cell depletion while minimizing cytokine induction. Its small size and albumin binding domain are expected to facilitate a more efficient response in deep tissues and extend the drug’s half-life. The encouraging results from previous studies on similar treatments, such as blinatumomab, further support the potential efficacy of CLN-978 in addressing the needs of a large segment of the rheumatoid arthritis market, thereby justifying the Buy rating.
Harrison covers the Healthcare sector, focusing on stocks such as Protagonist Therapeutics, Spyre Therapeutics, and Rani Therapeutics Holdings. According to TipRanks, Harrison has an average return of -3.6% and a 36.00% success rate on recommended stocks.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $33.00 price target.