William Blair initiated coverage of Cullinan Oncology with an Outperform rating and $35 fair value estimate. The company’s modality-agnostic approach and focus on both development and licensing opportunities has created a “pipeline of differentiated assets with frequent and independent opportunities for value inflection from clinical readouts,” the analyst tells investors in a research note. The firm believes success to date with zipalertinib and CLN-619 have validated Cullinan’s approach, and its “broad pipeline” affords the company the ability to advance only programs that achieve proof of concept with monotherapy activity.
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