After JMP Securities and Brookline Capital Markets gave Corbus Pharmaceuticals (NASDAQ: CRBP) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Elemer Piros maintained a Buy rating on Corbus Pharmaceuticals today and set a price target of $36. The company’s shares opened today at $7.68.
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 is a 1-star analyst with an average return of -0.6% and a 48.2% 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 Strong Buy, with a price target consensus of $29.33, a 281.9% upside from current levels. In a report issued on September 21, Brookline Capital Markets also maintained a Buy rating on the stock with a $25 price target.
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The company has a one-year high of $9.96 and a one-year low of $4.50. Currently, Corbus Pharmaceuticals has an average volume of 949.4K.
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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.
