Cullinan Therapeutics: Immunology Day: CLN-978 Anchors Autoimmune Strategy, Velinotamig Broadens Reach

研报英文原文证据摘录

Cullinan Therapeutics: Immunology Day: CLN-978 Anchors Autoimmune Strategy, Velinotamig Broadens Reach

Idea

June 10, 2026 10:17 PM GMT

Morgan Stanley & Co. LLCMCullinan Therapeutics | North America Sean Laaman, Ph.D.

Equity Analyst

Immunology Day: CLN-978 Sean.Laaman@morganstanley.comKatherine Sun +1 212 761-4947

Research Associate

Katherine.Sun@morganstanley.com +1 212 761-5968

Anchors Autoimmune Strategy, Michael H Riad, Ph.D.

Michael.Riad@morganstanley.com +1 212 761-1309

Velinotamig Broadens Reach Morgan K Gryga

Morgan.Gryga@morganstanley.com +1 212 761-0824

The company hosted an event highlighting initial results for

CLN‑978 showing dose‑dependent, monotherapy activity data

across SLE/RA and early velinotamig responses, setting up

multiple 2H26-early ’27 catalysts.

Cullinan Therapeutics (CGEM.O, CGEM US)

Biotechnology | United States of America

Stock Rating Overweight

Industry View Attractive

Price target $30.00

Shr price, close (Jun 8, 2026) $13.28

Mkt cap, curr (mm) $803

52-Week Range $16.74-5.68

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

EPS ($)** (3.36) (2.51) (2.45) (2.79)

Prior EPS ($)** - - - -

P/E NM NM NM NM

EPS ($)§ (3.56) (3.17) (2.32) (3.01)

Following EULAR, Cullinan presented the first company‑sponsored data for Div yld (%) - - - -

CLN‑978 (CD19xCD3) across systemic lupus erythematosus (SLE) and Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

rheumatoid arthritis (RA), alongside initial velinotamig (BCMAxCD3) data in framework** = Based on consensus methodology

lupus. The data support CLN‑978 as a monotherapy with immune‑reset potential, §e == MorganConsensusStanleydataResearchis providedestimatesby Refinitiv Estimates

showing dose‑dependent B‑cell depletion, rapid clinical responses, and a Quarterly EPS ($)