Investors in Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) should be smiling from ear to ear today after the drug maker announced positive topline results from its Phase 2 study evaluating Resunab (“JBT-101”) for the treatment of diffuse cutaneous systemic sclerosis (“systemic sclerosis”).
Corbus Pharmaceuticals shares reacted to the news, jumping nearly 65% in Monday’s trading session.
“This is the first double-blind, randomized, placebo controlled trial in diffuse cutaneous systemic sclerosis to demonstrate a clinical benefit using the CRISS as an endpoint, with a drug that was safe and well tolerated in the trial. These results bring hope to patients and their physicians that JBT-101 may be an effective drug for systemic sclerosis where currently there are no proven treatments,” said Principal Investigator Robert Spiera, M.D., Director of the Vasculitis and Scleroderma Program at the Hospital for Special Surgery, Weill Cornell Medical College in New York City.
JBT-101 out-performed placebo in the American College of Rheumatology (ACR) Combined Response Index in diffuse cutaneous Systemic Sclerosis (CRISS) score, reaching 33% at week 16, versus 0% for placebo. The higher the CRISS score the greater the improvement; a CRISS score ≥ 20% (CRISS20) can be considered a medically meaningful improvement. The difference in CRISS scores between JBT-101 and placebo groups over the trial period was significant (p = 0.044). Differences in categorical levels of CRISS responses and changes from baseline in the five individual domains of the CRISS score also supported clinical benefit of JBT-101.results. (Original Source)
On the ratings front, Corbus Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on November 11, JMP analyst Liisa Bayko reiterated a Buy rating on CRBP. Separately, on November 7, Cantor’s Elemer Piros reiterated a Buy rating on the stock and has a price target of $17.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Liisa Bayko and Elemer Piros have a yearly average return of 4.9% and 8.4% respectively. Bayko has a success rate of 54% and is ranked #746 out of 4209 analysts, while Piros has a success rate of 46% and is ranked #567.
Sentiment on the Street is mostly bullish on CRBP stock. Out of 4 analysts who cover the stock, 4 suggest a Buy rating . The 12-month average price target assigned to the stock is $17.00, which implies an upside of 73% from current levels.
Corbus Pharmaceuticals Holdings, Inc. engages in the development and commercialization of novel therapeutics to treat rare or uncommon chronic and serious inflammatory and fibrotic diseases with clear unmet medical needs. Its product Resunab, is a novel synthetic oral endocannabinoid-mimetic drug that is designed to resolve chronic inflammation and halt fibrotic processes without causing immunosuppression.