H.C. Wainwright analyst Andrew Fein maintained a Buy rating on Corbus Pharmaceuticals (CRBP) today and set a price target of $24. The company’s shares closed yesterday at $6.94.
“Valuation and risks to our investment thesis. Our price target of $24/share is based on an equally weighted composite of: (a) $23.83/share, as a 35x multiple of taxed and diluted $5.60 discounted back to FY19 at 18% (in line with the expected P/E multiple and discount rate of an early development stage biotechnology company); and (b) an NPV of $24/share (discounted cash flow analysis using a 15.5% discount rate and 2% growth rate, in line with the expected discount and growth parameters of an early development-stage biotechnology company).”
According to TipRanks.com, Fein is a 4-star analyst with an average return of 3.7% and a 41.5% success rate. Fein covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, DBV Technologies SA – American, and Proteostasis Therapeutics Inc.
Currently, the analyst consensus on Corbus Pharmaceuticals is a Strong Buy with an average price target of $27.
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Based on Corbus Pharmaceuticals’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $17.31 million. In comparison, last year the company had a GAAP net loss of $11.7 million.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CRBP in relation to earlier this year.
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Corbus Pharmaceuticals Holdings, Inc. is a phase 3 clinical-stage pharmaceutical company, which focuses on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases.