Analyst Julian Harrison from BTIG reiterated a Buy rating on Cullinan Management and keeping the price target at $32.00.
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Julian Harrison has given his Buy rating due to a combination of factors that highlight the potential of Cullinan Management’s CLN-978 therapy. The delay in the Phase 1 study of CLN-978 for systemic lupus erythematosus (SLE) was attributed to stringent enrollment criteria, which have now been relaxed, allowing more patients to qualify. This adjustment, coupled with high investigator enthusiasm and the expectation of more site activations, indicates strong interest and potential for successful trial outcomes.
Furthermore, CLN-978 is positioned to be a best-in-class therapy due to its wider therapeutic index, efficient deep tissue response, and potentially class-leading half-life. These attributes make it a promising alternative to DNA CAR-T therapies, which face challenges such as complex manufacturing and higher risks. With a high unmet need in SLE and the potential for CLN-978 to offer a disease-modifying approach, Harrison sees a strong use case for this therapy, supporting his Buy rating.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $24.00 price target.