What happened
Shares of Cullinan Oncology (CGEM -13.29%) were up as much as 24.3% this week after being as high as 24.9%, according to data provided by S&P Global Market Intelligence. The stock closed last week at $10.53 and rose to as high as $13.40 on Thursday. Cullinan's shares are up more than 24% so far this year.
So what
The biotech company has a pipeline of targeted oncology and immuno-oncology therapies led by zipalertinib (CLN-081), an orally available small molecule that is in a phase 1/2 trial to treat patients with non-small cell lung cancer (NSCLC).
The company didn't have any big announcements to drive the stock, but several analysts upgraded their price targets for the stock after its presentation Sunday at the American Society of Clinical Oncology conference in Chicago. The company updated information on zipalertinib and presented initial clinical data on CLN-619 as a pan-cancer therapy. CLN-619 is a monoclonal antibody candidate that works to reduce shedding of MICA/B on the tumor cell surface to make cancer cells more visible to the immune system.
Now what
Cullinan doesn't have any product revenue yet, but it does have a deep pipeline, which may make it a good long-term investment. As of the first quarter, it reported it had $503.5 million in cash, enough, it said, to fund operations into 2026.
Over the past week, the company got several updates from analysts as HC Wainwright & Co. reiterated its buy rating on the stock with a price target of $49; SVB Securities maintained its buy rating with a price target of $28; and BTIG maintained a buy rating with a price target of $20.
Cullinan's pipeline also includes CLN-049, which is in a phase 1 trial to treat relapsed and refractory acute myeloid leukemia and myelodysplastic syndromes, and CLN-418, which is in a phase 1 trial to treat multiple solid tumors. It has two other oncology therapies in the preclinical stage: B-cell malignancy therapy CLN-978 and pan-cancer therapy CLN-617.
