On Tuesday, Mizuho (NYSE:MFG) Securities maintained its Outperform rating and $42.00 price target for Corbus Pharmaceuticals (NASDAQ:CRBP). According to InvestingPro data, analyst targets for CRBP range from $35 to $75, with the stock currently trading at $14.28 and showing signs of being undervalued. The firm's stance comes after analyzing recent clinical data from a competing company, which could have implications for Corbus' drug candidate CRB-701.
Last week, updated clinical data from Bicycle Therapeutics (NASDAQ:BCYC) on its own Nectin-4 antibody drug conjugate, zelenectide pevedotin, was met with disappointment by the market, as evidenced by a sharp decline in Bicycle Therapeutics' stock. While CRBP's stock has shown high volatility with a beta of 2.57, this development is seen as a potential positive for Corbus Pharmaceuticals, as expectations are now set for the upcoming U.S. phase 1/2 data for CRB-701, expected in the first quarter of 2025. Get deeper insights into CRBP's volatility patterns and 11 more exclusive ProTips with InvestingPro.
Corbus' CRB-701 is currently in a U.S. phase 1/2 clinical trial, with results anticipated in the near future. If these results align with the encouraging initial phase 1 data from Corbus' Chinese partner, it could indicate that CRB-701 has a more favorable profile than the currently approved Nectin-4-based drug, Pfizer (NYSE:PFE)'s Padcev. Pfizer has not been rated by the analyst.
Mizuho's positive outlook for Corbus Pharmaceuticals is based on the potential for CRB-701 to outperform the existing market leader in this space. The firm suggests that positive data for CRB-701 could lead to a significant positive impact on Corbus' stock. As such, ahead of the anticipated data release, Mizuho reaffirms its positive rating on Corbus Pharmaceuticals shares.
In other recent news, Corbus Pharmaceuticals has made significant strides in its clinical trials. The company has initiated a Phase 1 clinical trial of CRB-601 for patients with advanced solid tumors, marking the first time a patient has been dosed in the study. Additionally, Corbus's investigational drug, CRB-701, received Fast Track designation from the U.S. Food and Drug Administration for the treatment of metastatic cervical cancer. These are among the recent developments for the company.
Furthermore, Corbus Pharmaceuticals reported strong third-quarter results, with an ending cash total of $159 million, projected to fund operations until the second half of 2027. The company's diversified portfolio also includes CRB-913, a potential treatment for obesity, with Phase 1 trials slated to begin in the first quarter of 2025.
In terms of analyst attention, Piper Sandler initiated coverage on Corbus with an Overweight rating and a price target of $35.00, while Oppenheimer maintained its Outperform rating and $60.00 price target.
B.Riley reduced its price target to $40 from $85, maintaining a Buy rating, and Mizuho Securities also maintained its Outperform rating, with a price target set at $74.00. These ratings reflect confidence in Corbus's advanced asset, CRB-701.
Finally, Anne Altmeyer Ph.D., a board member, initiated a prearranged trading plan for her shares in the company, a standard financial practice for individuals with insider access to potentially market-moving information.
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