Cantor Fitzgerald Defends Corbus Pharmaceuticals (CRBP) Following Short Report
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Cantor Fitzgerald analyst Elemer Piros came out to defend Corbus Pharmaceuticals (NASDAQ: CRBP), which is down 22% after the short thesis of an unnamed fund manager was telegraphed by TheStreet.
- Corbus shares are experiencing weakness this morning, due to a short thesis of an unnamed fund manager being telegraphed by a popular website (TheStreet.com).
- The article questions whether the CB2 receptor "does anything" in the body. The CB2 receptor is not a vestige, it has been named the "resolution receptor" in inflammation by scientists not affiliated with Corbus.
- The weak data in pain, gathered by previous sponsors, were cited. Everyone agrees, that it is not worth developing resunab for pain. Inflammation/fibrosis weren't invented by Corbus to pursue; strong animal data led them there.
- "Ibuprofen works better than resunab." The Cystic Fibrosis Foundation opted to finance the clinical trial for resunab, not ibuprofen.
- The short thesis ignores the recently published human skin model data, where resunab promoted resolution of inflammation, while NSAIDs (such as ibuprofen) did not.
"We are not 100% certain that resunab will work in all three of the indications currently pursued. However, if it fails in one of more indications, it won't fail for the reasons cited above," he said. The firm reiterated a Buy rating and price target of $17.00
Shares of Corbus Pharmaceuticals closed at $8.90 yesterday.
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