Cullinan Oncology shares rise as BTIG starts coverage with 'buy'

Cullinan Therapeutics

21/11/2022 16:30

(Updates)
    ** Shares of cancer-focused biopharma company Cullinan
Oncology Inc  CGEM.O  up 1% at $12.60
    ** Brokerage BTIG starts coverage of company's shares with
"buy" rating and $20 PT
    ** BTIG sees billion-dollar market opportunities for
Cullinan's three clinical assets
    ** Brokerage believes CGEM's lead candidate CLN-081
currently in early-to-mid-stage has shown superior safety and
efficacy in treating patients with non-small cell lung cancer
(NSCLC) vs current market-approved and in-clinic therapies
    ** NSCLC is a disease in which malignant cells form in the
tissues of the lung
    ** U.S. FDA granted breakthrough therapy designation to
CLN-081 in January
    ** CGEM's war chest of $607 mln supports aggressive early
and mid-stage clinical developmental runway into 2026 -
brokerage
    ** BTIG sees more collaboration opportunities for co; CGEM
in May entered into a buy-out deal with Japan's Otsuka Holdings
Co's  4578.T  unit Taiho Pharmaceuticals to co-develop and
co-commercialize CLN-081
    ** Including session moves, Cullinan shares down 18.7% YTD
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com))