Cullinan Oncology jumps as cancer treatment gets breakthrough therapy tag
04/01/2022 13:04
** Shares of cancer focused biopharma co CGEM.O are up
~17% at $19.27 premarket, set to open at their highest level in
nearly one-and-a-half months
** U.S. FDA grants breakthrough therapy designation to co's
drug candidate, CLN-081, for treating patients with a type of
non-small cell lung cancer who have received prior treatment
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** Non-small cell lung cancer is a disease in which
malignant cells form in the tissues of the lung
** CLN-081 is currently being tested in an early to
mid-stage study; updated data shows high response rate and
favorable safety profile so far - CGEM
** The breakthrough therapy designation is intended to
expedite the development and review of drugs for serious or
life-threatening conditions
** All 4 brokerages covering stock rate it "buy" or higher;
their median PT is $54.50
(Reporting by Oishee Majumdar in Bengaluru)
((oishee.majumdar@thomsonreuters.com;))