Cullinan Oncology rises as TD Cowen starts coverage with 'outperform'

Cullinan Therapeutics

15/06/2023 15:45

** Shares of cancer-focused biopharma co Cullinan Oncology
 CGEM.O  rise 3.1% to $12.14 
    ** TD Cowen initiates coverage on CGEM with "outperform"
rating
    ** Brokerage sees significant upside to co's lead candidate,
CLN-619, which is being developed to treat endometrial cancer,
the most common gynecologic cancer 
    ** Brokerage estimates ~$700 mln market opportunity for
CLN-619 in the U.S. for endometrial cancer    
    ** Says CLN-619 has the potential to be incorporated into
the "backbone" of cancer immunotherapies  
    ** All 5 brokerages covering the stock rate it "buy" or
higher; their median PT is $24 - Refinitiv data
    ** Including session gains, stock up ~17% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))