H.C. Wainwright reiterates Buy rating on Cullinan Oncology stock at $24

Investing.com - H.C. Wainwright has reiterated its Buy rating and $24.00 price target on Cullinan Oncology Inc. (NASDAQ:CGEM), maintaining its positive outlook on the biopharmaceutical company. The stock, currently trading at $6.91, appears undervalued according to InvestingPro analysis, with analyst targets ranging from $21 to $34.

The firm highlighted CLN-978, Cullinan’s novel CD19xCD3 T cell engager, which it describes as a potential first-in-class, off-the-shelf, subcutaneous treatment for autoimmune diseases with a differentiated safety profile. The company maintains a strong financial position, with a healthy current ratio of 9.83 and more cash than debt on its balance sheet.

Cullinan is currently conducting global Phase 1 studies evaluating CLN-978 in systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA). The SLE trial is enrolling patients with a SLEDAI score of 8 or greater who have had inadequate responses to at least two treatments.

The SLE study consists of two parts: a dose escalation phase starting at 10 micrograms to determine the target dose, followed by a dose expansion phase exploring multiple schedules. Cullinan now plans to report initial clinical data from this study during the first half of 2026, later than previous guidance for late 2025.

The Phase 1 global trial in RA is enrolling patients meeting the 2010 EULAR/ACR criteria who have had inadequate responses to at least two disease-modifying anti-rheumatic drugs, with initial results still expected in the first half of 2026. Want deeper insights into Cullinan’s financial health and growth potential? InvestingPro subscribers have access to over 10 additional exclusive ProTips and comprehensive financial metrics.

In other recent news, Cullinan Oncology is set to present new clinical trial data for zipalertinib in collaboration with Taiho Oncology. The data will be showcased at the upcoming World Conference on Lung Cancer in Barcelona, focusing on patients with non-small cell lung cancer who have specific genetic mutations. H.C. Wainwright has initiated coverage on Cullinan Oncology with a Buy rating and a price target of $24.00, anticipating the data presentation as a key catalyst for the company. Meanwhile, Clear Street has reiterated its Buy rating with a $22.00 price target, despite the recent FDA approval of a competing drug, sunvozertinib, for similar cancer indications. Both firms express confidence in Cullinan’s prospects, with H.C. Wainwright highlighting the importance of the upcoming trial results. These developments indicate continued interest and support from analysts for Cullinan Oncology’s ongoing efforts in cancer treatment innovation.

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