Cullinan Oncology LLC (CGEM) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Cullinan Oncology LLC stock $5.65, price $11.31, that is 50.0% below the price, quality 40 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $5.75 – $29.68 · fair‑value band $3.73 – $7.06 · the $11.31 price screens above the $5.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Cullinan Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops therapies for autoimmune diseases and cancer in the United States.
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It engages in the development of CLN-978, a CD19xCD3 bispecific T cell engager for autoimmune diseases in Phase 1 clinical trials; Velinotamig, a BCMAxCD3 bispecific T cell in Phase 1 clinical trials in patients with autoimmune diseases; and CLN-049, a FLT3xCD3 bispecific T cell engager, which is in Phase 1 clinical trials in patients with relapsed and refractory acute myeloid leukemia or myelodysplastic syndrome.
The company is also developing Zipalertinib, an orally available small-molecule, irreversible epidermal growth factor receptor inhibitor in Phase 2b portion of the REZILIENT1 clinical trial in patients with EGFR ex20ins non-small cell lung cancer.
It has a license agreement with Chongqing Genrix Biopharmaceutical Co., Ltd to develop and commercialize velinotamig; a co-development agreement with Taiho Pharmaceutical Co., Ltd to develop zipalertinib; and a collaboration agreement with Adimab, LLC to discover and/or optimize antibodies.
The company was formerly known as Cullinan Oncology, Inc. and changed its name to Cullinan Therapeutics, Inc. in April 2024. Cullinan Therapeutics, Inc. was incorporated in 2016 and is headquartered in Cambridge, Massachusetts.
Stock analysis
Cullinan Oncology LLC (CGEM) currently trades at $11.31, while our model-based Fair Value estimate is $5.65, 50% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: $3.73 (bear) to $7.06 (bull), the price of $11.31 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Healthcare sector.
Weak Growth: Revenue growth is weak, negative or inconsistent.
Cullinan Oncology LLC reported revenue of $0 in FY2025 versus $18.9M in FY2021. Reported net income was −$220M in FY2025.
Key figures
Market cap $695M Small · EPS (TTM) $−3.11 · Return on equity −50.3% · Return on assets (EBIT) −23.0% (5-year average) · Free cash flow −$176M · Net cash $85.6M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).
What moves the price
The share trades about 51% below its 52-week high and 57% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −50%, CGEM screens richer than that median.
Fair Value models
Bear$3.73Fair Value $5.65Bull$7.06
Price $11.31 · Downside -50.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $972,360 and none bought.
SaleJennifer MichaelsonChief Scientific Officer15× since Nov 24, 2025: 100,677 shares, avg. $16.54$1.7MNov 5, 2026
SaleJacquelyn L SumerChief Legal Officer3× since Dec 18, 2025: 10,823 shares, avg. $12.63$136,724Feb 24, 2026
SaleJeffrey Alan JonesChief Medical Officer3× since Dec 18, 2025: 14,196 shares, avg. $12.61$178,948Feb 24, 2026
SaleNadim AhmedPresident and CEO, Director3× since Dec 23, 2025: 39,818 shares, avg. $13.01$517,990Feb 24, 2026
SaleMary Kay FentonChief Financial Officer4,398 shares at $13.62$59,901Feb 20, 2026
Plus 6 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.0/100
Revenue growth is weak, negative or inconsistent.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
News mood ⓘNews mood, the average tone of recent news (74 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 558 stocks
Beats the industry median on 4/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Below median
Fair Value upside−50.0% · Below median
Profitability
Return on assets−49.0% · Bottom 25%
Operating margin (12 months)0.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.0% · Above median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/B1.70× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 0
PAST (return on equity)0· sector 0
HEALTH (low debt)100· sector 97
DIVIDEND (yield)0· sector 22
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Cullinan Oncology LLC (CGEM) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $5.65 versus a price of $11.31, about 50% lower (overvalued).
What is the fair value of CGEM?
Our model-based fair value for Cullinan Oncology LLC is $5.65 (as of Nov 8, 2026), built from audited fundamentals. The current price: $11.31.
What is the quality score of CGEM?
Cullinan Oncology LLC has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cullinan Oncology LLC (CGEM)?
Our model-based price target is the fair value of $5.65 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario $3.73, optimistic scenario $7.06. It is a calculation from audited fundamentals, not an analyst target.
What is the Cullinan Oncology LLC stock forecast for 2026?
Our models put fair value at $5.65, about 50% lower versus a price of $11.31 (overvalued). Cautious scenario $3.73, optimistic scenario $7.06. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Cullinan Oncology LLC (CGEM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cullinan Oncology LLC it is $5.65 per share (as of Nov 8, 2026), against a price of $11.31. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Cullinan Oncology LLC stock overvalued or undervalued in 2026?
As of Nov 8, 2026, CGEM trades above its calculated fair value: price $11.31, fair value $5.65, a gap of about −50% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CGEM?
No. The price is what the market pays today ($11.31); the fair value is what the company's own numbers justify ($5.65). For Cullinan Oncology LLC the two are $5.66 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cullinan Oncology LLC worth?
The market values Cullinan Oncology LLC at about $695M (market capitalisation, as of Nov 8, 2026). Per share that is $11.31; our models calculate a fair value of $5.65 per share.
What do the bullish and bearish scenarios say about CGEM?
Our models span a range for Cullinan Oncology LLC: cautious scenario $3.73, base $5.65, optimistic $7.06 per share (as of Nov 8, 2026, price $11.31). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Cullinan Oncology LLC (CGEM)?
Balance-sheet figures for Cullinan Oncology LLC (as of Nov 8, 2026): return on equity −50.3%, debt of 0.00 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is CGEM from its 52-week high?
Cullinan Oncology LLC trades at $11.31, about 51% below its 52-week high of $22.95 and 57% above the low of $7.19 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $5.65 is for.
Which stocks are comparable to Cullinan Oncology LLC?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cullinan Oncology LLC stock attractive at the current price?
The data as of Nov 8, 2026: price $11.31, calculated fair value $5.65 (−50%), Quality Score 40/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CGEM calculated?
We run Cullinan Oncology LLC through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of $5.65 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Cullinan Oncology LLC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cullinan Oncology LLC (CGEM)?
The closing price on Nov 6, 2026 was $11.31. Our model-based fair value is $5.65, about 50% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cullinan Oncology LLC right now?
The price sits above even our optimistic bull case ($7.06). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($3.73 to $7.06) leaves room in how you read the outcome.
Key figures of Cullinan Oncology LLC
How large is the market capitalisation of Cullinan Oncology LLC (CGEM)?
The market capitalisation of Cullinan Oncology LLC is $695M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Cullinan Oncology LLC (CGEM)?
Earnings per share at Cullinan Oncology LLC are $−3.11. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Cullinan Oncology LLC (CGEM)?
The return on equity (ROE) of Cullinan Oncology LLC is −50.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cullinan Oncology LLC (CGEM)?
On an EBIT basis the return on assets of Cullinan Oncology LLC is −23.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does Cullinan Oncology LLC (CGEM) generate?
The free cash flow of Cullinan Oncology LLC is −$176M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Cullinan Oncology LLC (CGEM) hold?
Cullinan Oncology LLC holds more cash than debt, $85.6M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 8, 2026
