CGEM - Why Shares of Cullinan Oncology Jumped This Week
2023-06-09 16:07:00 ET
Shares of Cullinan Oncology (NASDAQ: CGEM) 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.
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.
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Why Shares of Cullinan Oncology Jumped This Week