In a report released today, Elemer Piros from Cantor Fitzgerald maintained a Buy rating on Corbus Pharmaceuticals (CRBP), with a price target of $36. The company’s shares opened today at $6.88.
Piros observed:
“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 currently no stars on a ranking scale of 0-5 stars, with an average return of -6.0% and a 41.1% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Proteostasis Therapeutics Inc, and Strongbridge Biopharma Plc.
Currently, the analyst consensus on Corbus Pharmaceuticals is a Strong Buy with an average price target of $27.50, implying a 300.0% upside from current levels. In a report issued on October 24, B.Riley FBR also initiated coverage with a Buy rating on the stock with a $22 price target.
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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 $6.97 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.
