Cantor Fitzgerald Issues a Buy Rating on Corbus PharmaceuticalsBy Ryan Adsit
Cantor Fitzgerald analyst Elemer Piros reiterated a Buy rating on Corbus Pharmaceuticals (NASDAQ: CRBP) today and set a price target of $17. The company’s shares closed yesterday at $9.50, close to its 52-week high of $10.78.
“A Conservative Focus on Safety in CF. As a reminder, the primary endpoint of the Phase 2a study in cystic fibrosis (CF) patients is safety. Based on anabasum’s mechanism of action as an anti-inflammatory agent, we think that functional improvements in FEV1 are likely to occur over long periods of treatment. The Phase 2a study dosed for a period of up to three months, whereas one KOL noted that a six-month study may be necessary to emit a significant efficacy signal in CF.”
According to TipRanks.com, Piros is a 1-star analyst with an average return of -1.9% and a 48.8% success rate. Piros covers the Healthcare sector, focusing on stocks such as Dimension Therapeutics Inc, Bellicum Pharmaceuticals, and Conatus Pharmaceuticals.
Currently, the analyst consensus on Corbus Pharmaceuticals is Strong Buy and the average price target is $20, representing an 110.5% upside.
In a report issued on March 10, Noble Financial also reiterated a Buy rating on the stock.
The company has a one year high of $10.78 and a one year low of $1.71. Currently, Corbus Pharmaceuticals has an average volume of 854.4K.
Based on the recent corporate insider activity of 19 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. Most recently, in December 2016, Barbara White, the CMO of CRBP bought 1,000 shares for a total of $7,750.
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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. The company was founded in December 2013 and is headquartered in Norwood, MA.