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TICKERS: CGEM

Biopharma Gains Another Shot on Goal With IND Approval
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The firm's CD19- and CD3-targeting monoclonal antibody is now cleared for evaluation in a Phase I clinical trial, noted an H.C. Wainwright & Co. report.

Cullinan Oncology Inc. (CGEM:NASDAQ) bispecific monoclonal antibody, CLN-978, was approved by the U.S. Food and Drug Administration as an investigational new drug, reported H.C. Wainwright & Co. analyst Edward White in a Jan. 24 research note. CLN-978 will first be evaluated as a treatment for relapsed or refractory B-cell non-Hodgkin's lymphoma.

"Currently, we do not include this program in our valuation, but we view this news positively," White wrote.

H.C. Wainwright encompasses three other more advanced Cullinan assets, CLN-081, CLN-049, and CLN-619, in its valuation, from which it derives a US$50 per share price target on the biopharma. In comparison, the Massachusetts-based firm is now trading at about US$11.18 per share. The difference in these two figures implies a significant potential return for investors. Cullinan is rated Buy.

As for CLN-978, White explained it targets CD19 and CD3 and "redirects and activates T-cells to destroy cancer cells through T cell-mediated cytotoxicity." In the initial study, to be an open-label Phase I, the dose will be escalated and expanded, and the safety and efficacy of the monoclonal antibody will be assessed in the specific oncologic patient population.

"There is also potential for CLN-978 to be evaluated across other B-cell mediated diseases," noted White.  


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Disclosures For H.C. Wainwright & Co., Cullinan Oncology Inc.,  January 24, 2023

H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Edward White , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Cullinan Oncology, Inc. (including, without limitation, any option, right, warrant, future, long or short position).

As of December 31, 2022 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Cullinan Oncology, Inc.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The firm or its affiliates received compensation from Cullinan Oncology, Inc. for non-investment banking services in the previous 12 months. The Firm or its affiliates did not receive compensation from Cullinan Oncology, Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in Cullinan Oncology, Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request.

H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report.

H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice.

Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.




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