After B.Riley FBR and Cantor Fitzgerald gave Corbus Pharmaceuticals (NASDAQ: CRBP) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Andrew Fein reiterated a Buy rating on Corbus Pharmaceuticals today and set a price target of $24. The company’s shares closed yesterday at $6.06.
Fein commented:
“Valuation and risks to our investment thesis. Our price target of $24/share is based on an equally-weighted composite of: (a) $19/share, as a 35x multiple of taxed and diluted $4.4 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 $29/share (discounted cash flow analysis using a 15% 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 5-star analyst with an average return of 9.6% and a 48.5% success rate. Fein covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, DBV Technologies SA – American, and Proteostasis Therapeutics Inc.
Corbus Pharmaceuticals has an analyst consensus of Strong Buy, with a price target consensus of $31, a 411.6% upside from current levels. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $38 price target.
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The company has a one-year high of $9.11 and a one-year low of $4.50. Currently, Corbus Pharmaceuticals has an average volume of 1.47M.
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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.
