H.C. Wainwright analyst Edward White lowered the firm’s price target on Cullinan Oncology to $29 from $34 and keeps a Buy rating on the shares. The analyst cites dilution from the capital raise announced today for the target drop. The company announced that is has decided to refocus development of CLN-978 exclusively on autoimmune diseases, the analyst tells investors in a research note. The firm says Cullinan believes CLN-978 has potential to be a first-in-class, off-the- shelf, subcutaneous, disease modifying treatment in autoimmune diseases with a differentiated safety profile.
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