Wedbush raised the firm’s price target on Cullinan Therapeutics (CGEM) to $37 from $36 and keeps an Outperform rating on the shares. The firm notes the company reported first quarter financials and provided corporate updates ahead of initial clinical data for CD19 TCE CLN-978 upcoming at the EULAR 2026 Congress. Given recent M&A activity surrounding BCMA-targeted TCEs, as well as an affinity profile for BCMA approximately two orders of magnitude higher than CD3, which has translated to a compelling efficacy and safety in multiple myeloma patients, Wedbush views the overall immunology portfolio for Cullinan as relatively undervalued.
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