Shares of Cullinan Oncology (NASDAQ:CGEM) were skyrocketing 19.5% higher as of 11:21 a.m. EDT on Friday. The big jump came after the company announced additional data for its ongoing phase 1/2a study evaluating CLN-081 in treating non-small cell lung cancer (NSCLC).
Cullinan stated that objective partial response (significant tumor shrinkage) was observed in 21 of the 42 evaluable patients in the phase 1/2a study of CLN-081 across all dose levels. The company said that 76% of all patients showed at least some tumor regression at six weeks.
CLN-081 also appeared to have a relatively good safety profile. Cullinan said that no patients experienced any treatment-related rash of grade 3 (severe) or higher. All adverse events were "manageable with conventional supportive care," according to the company.
Investors were clearly happy with both the efficacy and safety data released by Cullinan. The company's management team was upbeat as well, with CEO Owen Hughes stating, "We remain encouraged with CLN-081's emerging profile."
Cullinan's data is being featured in an on-demand poster presentation at the American Society of Clinical Oncology (ASCO) Annual Meeting. The biotech stock could have other catalysts on the way. Cullinan hopes to soon file for approvals to initiate clinical studies of experimental drugs CLN-619 and CLN-049.
https://www.fool.com/investing/2021/06/04/why-cullinan-oncology-stock-is-skyrocketing-today/
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