Corbus Pharmaceuticals Stock Continues to Grow

Corbus pharmaceuticals

Corbus Pharmaceuticals Holdings (NASDAQ:CRBP) continues to impress investors since the start of this year, resulting in share price appreciation of more than 26% in the last month alone. CRBP stock is currently trading around $9 a share. The stock has the 52-week trading range of $5.30-$10.50. With the market capitalization of $500 million, Corbus stock is trading around 15 times to earnings. The stock is up almost 24% last year, up more than 300% in the last three years.

Traders are focusing on Corbus Phase 2 clinical trial assessing lead candidate anabasum.  The company is developing anabasum for the handling of systemic lupus erythematosus (SLE).

Moreover, the company has also achieved several other milestones in the last couple of months. The positive data for Phase 2 studies in rare and serious chronic inflammatory is among the biggest achievements. Corbus is also on way to commence Phase 2b study in cystic fibrosis and Phase 3 study in systemic sclerosis.

The CEO stated: 

“We are very proud that in less than four years we have successfully executed our clinical development and corporate strategy enabling us to be in a position to launch our first Phase 3 late-stage study. Over the past 12 months, we have reported positive Phase 2 clinical data in succession in three distinct rare diseases with significant morbidity and mortality and that, combined, affect over 200,000 individuals in the US and EU.”

The company appears in a strong cash position to support its pipeline advancements. Corbus management has been generating cash through stock offerings. The company has recently completed stock offering, resulting in total proceeds of $32.5 million, which the company believes is enough to support cash requirement for the next two years.

Analysts have raised its target price and stock ratings considering strong cash position and pipeline development. Noble Financial reissued “buy” rating for Corbus stock. The BidaskClub also increased the target price $28 a share with the “overweight” rating. However, ValuEngine believes the stock is offering the perfect opportunity to capitalize on the recent gains.

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