On Wednesday, Jefferies maintained a Buy rating on Corbus Pharmaceuticals (NASDAQ:CRBP) and increased the stock's price target to $52.00 from $46.00. The firm cited two main valuation drivers for the pharmaceutical company: the CRB-701 Nectin-4 ADC and the obesity CB1 asset CRB-913.
The analyst from Jefferies indicated that these two assets have the potential to significantly influence Corbus Pharmaceuticals' stock price over the next 12 months.
The firm is anticipating additional dose escalation data for CRB-701, which is expected to be presented around mid-2024, possibly at the American Society of Clinical Oncology (ASCO) meeting. This data could provide insights into the efficacy and safety of doses greater than 3.6mg/kg. According to Jefferies, this information could result in a stock price movement of plus or minus 30%.
Regarding CRB-913, the obesity CB1 asset, Jefferies noted that the project is still in the early stages of development. However, the firm expects that upcoming phase II data from a similar CB1 asset by another company could provide indirect insights later this year, which may also impact Corbus' stock.
Jefferies also highlighted Corbus Pharmaceuticals' financial position, noting that the company has a cash reserve of $127 million. This amount is expected to provide the company with enough financial runway through the first quarter of 2027, offering stability and support for ongoing research and development activities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.