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Jan. 4, 2022, 7:34 a.m. EST

Cullinan Oncology stock shoots higher after lung cancer treatment granted BTD by FDA

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By Tomi Kilgore

Shares of Cullinan Oncology Inc. /zigman2/quotes/223716065/composite CGEM -5.64% shot up 15.2% in premarket trading Tuesday, after the biopharmaceutical company said its CLN-081 was granted Breakthrough Therapy Designation (BTD) by the U.S. Food and Drug Administration for the treatment of non-small cell lunch cancer. A BTD expedites the development and review of drugs for the treatment of serious conditions, in which preliminary clinical evidence indicates the drug may demonstrate substantial improvement over currently available therapies. "The updated data from our ongoing Phase 1/2a study in a larger number of patients have demonstrated a high response rate with durable responses and encouraging progression free survival in heavily pre-treated patients," said Cullinan Chief Executive Nadim Ahmed. The stock, which closed at a record low of $15.36 as recently as Dec. 16, has dropped 28.1% over the past three months through Monday, while the iShares Biotechnology ETF /zigman2/quotes/206189322/composite IBB -2.54% has slipped 2.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -4.04% has gained 11.5%.

/zigman2/quotes/223716065/composite
US : U.S.: Nasdaq
$ 11.37
-0.68 -5.64%
Volume: 376,428
May 18, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$537.53 million
Rev. per Employee
$611,065
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/zigman2/quotes/206189322/composite
US : U.S.: Nasdaq
$ 113.56
-2.96 -2.54%
Volume: 2.08M
May 18, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,923.68
-165.17 -4.04%
Volume: 2.71B
May 18, 2022 4:56p
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