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 opened today at $5.15, close to its 52-week low of $4.50.
Piros commented:
“: We reiterate our Overweight rating and are raising our 12-month price target to $36 from $32 on Corbus Pharmaceuticals, following abstracts from the Rheumatology (ACR) meeting (Oct. 19-24). Among the abstracts, Phase 3 data from Roche’s (RHHBY – not covered) Phase 3 systemic sclerosis (SSc) study with competitive agent tocilizumab, fell short on its primary endpoint in modified Rodnan skin score (mRSS, p=0.098). We believe the results establish Corbus’ lenabasum, in Phase 3 now for SSc, as the only compelling treatment option for patients in this rare and life-threatening disease.”
According to TipRanks.com, Piros is ranked 0 out of 5 stars with an average return of -6.5% and a 43.2% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Global Blood Therapeutics.
Currently, the analyst consensus on Corbus Pharmaceuticals is a Moderate Buy with an average price target 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.
