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Analyst Sees 243% Upside For Corbus Pharma Following Positive Clinical Data

Analyst Sees 243% Upside For Corbus Pharma Following Positive Clinical Data

Shares of Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) gained 10 percent on Thursday in reaction to the company's encouraging update to a phase 2 trial of its autoimmune disease drug called anabasum.

Corbus' top-line data from a 22-patient study of anabasum for the treatment of dermatomyositis demonstrated a "highly clinically meaningful and statistically significant" improvement among patients, Cantor Fitzgerald's Elemer Piros said in a research report. Specifically, the data showed a reduction in CDASI scores from baseline of 9.3 points when treated with anabasum versus 3.7 points for patients who were given a placebo. The data also adds a third clinically validated program to the company's late-stage development pipeline.

Piros maintains an Overweight rating on Corbus' stock with an unchanged $24 price target.

"In addition, encouraging evidence of a dose response was also viewed, where the treatment effect following escalation to 20mg anabasum bid (end of week 4), CDASI improved by 6.3 points (p=0.02)," the analyst also said in the report. "We note that the clinical investigator for the study viewed a five point reduction as clinically meaningful, which was surpassed in the Phase 2 study."

Finally, despite the small size of the study, Corbus' therapy is viewed as a "compelling treatment effect" while additional data and analysis are expected to be detailed at the American College of Rheumatology annual meeting on Nov. 7.

At time of publication, shares of Corbus were up 14. 29 percent at $8.

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Latest Ratings for CRBP

Jun 2020BTIGInitiates Coverage OnBuy
Jun 2020Nomura InstinetMaintainsBuy
Mar 2020NomuraInitiates Coverage OnBuy

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