In a report released today, Leland Gershell from Oppenheimer reiterated a Buy rating on Corbus Pharmaceuticals (CRBP), with a price target of $28. The company’s shares opened today at $7.12.
Gershell wrote:
“We are gratified to learn of CRBP’s plan to revise the primary endpoint of lenabasum’s Phase 3 RESOLVE-1 trial in systemic sclerosis to wk 52 ACR CRISS from mRSS following FDA discussions, for several reasons: (1) a statistically-significant improvement on CRISS was met in the Phase 2 study and was its primary endpoint; (2) it may be more sensitive to clinically meaningful treatment changes; (3) as a composite outcome measure, it likely better captures SSc’s sign/symptom complexity; (4) several recent Phase 3 SSc trials succeeded on CRISS whereas they missed on mRSS; and, (5) the CRISS has been provisionally endorsed by the ACR. Top-line data remain on track for mid-2020, and we agree with CRBP that probability of success is increased. We reiterate our Outperform rating.”
According to TipRanks.com, Gershell is a 4-star analyst with an average return of 11.1% and a 51.6% success rate. Gershell covers the Healthcare sector, focusing on stocks such as BioMarin Pharmaceutical Inc., Anchiano Therapeutics Ltd, and Miragen Therapeutics Inc.
Corbus Pharmaceuticals has an analyst consensus of Strong Buy, with a price target consensus of $27, representing a 279.2% upside. In a report issued on April 5, Jefferies also initiated coverage with a Buy rating on the stock with a $18 price target.
See today’s analyst top recommended stocks >>
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 1.69M.
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.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
