Cullinan post-EULAR share pullback ‘unwarranted,’ says Clear Street

Clear Street reiterated a Buy rating and $33 price target on Cullinan Therapeutics (CGEM), saying the firm views the post-EULAR share pullback after release of the CLN-978 Phase 1 abstract as “unwarranted,” given an encouraging initial dataset. Safety to date appears manageable, and early clinical activity is likewise supportive, the analyst tells investors in a research note. The firm also noted that other bispecifics have required the highest, oncology-optimized doses to achieve comparable B-cll depletion.