Wedbush bullish on Cullinan Oncology, initiates with an Outperform

As previously reported, Wedbush initiated coverage of Cullinan Oncology with an Outperform rating and $30 price target. The firm notes Cullinan Oncology has a diversified pipeline of six novel, clinical-stage therapies, with a focus on cancer. Distinctly, the company’s programs were developed or in-licensed without limitation to particular targets or platforms; rather, attractive targets were “matched” with optimal approaches on a case-by-case basis. Cullinan’s most advanced programs are CLN-619, an antibody targeting MICA/B, a NK cell “checkpoint,” and zipalertinib, an EGFR ex20ins inhibitor. Wedbush believes CLN-619 and zipalertinib have meaningful opportunity in gynecologic cancers and EGFR ex20ins NSCLC, respectively. The firm anticipates multiple clinical updates in 2024 will drive value inflection.