In a report released today, Elemer Piros from Cantor Fitzgerald reiterated a Buy rating on Corbus Pharmaceuticals (NASDAQ: CRBP), with a price target of $36. The company’s shares closed yesterday at $5.18, close to its 52-week low of $4.50.
Piros said:
“We rate Corbus Pharmaceuticals Overweight. CRBP focuses on the development of a synthetic cannabinoid receptor type 2 (CB2) agonist, lenabasum (JBT-101), for the treatment of rare inflammatory and fibrotic diseases. The company has completed three successful Phase 2 clinical trials in patients with cystic fibrosis (CF) and diffuse cutaneous systemic sclerosis (dcSSc) and dermatomyositis (DM). Valuation Summary We value Corbus based on a risk-adjusted NPV of future cash flows associated with lenabasum. Our 12-month price target is $36/share.”
According to TipRanks.com, Piros has 0 stars on 0-5 star ranking scale with an average return of -5.9% and a 45.4% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Global Blood Therapeutics.
Corbus Pharmaceuticals has an analyst consensus of Moderate Buy, with a price target consensus of $36.
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Based on Corbus Pharmaceuticals’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $12.07 million. In comparison, last year the company had a GAAP net loss of $7.3 million.
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Corbus Pharmaceuticals Holdings, Inc. is a phase 3 clinical-stage pharmaceutical company, focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases.
