Corbus Pharmaceuticals (CRBP) PT Lowered to $40 at H.C. Wainwright

H.C. Wainwright analyst Andres Y. Maldonado lowered the price target on Corbus Pharmaceuticals (NASDAQ: CRBP) to $40.00 (from $50.00) while maintaining a Buy rating.

The analyst commented: 'We remain postive on Corbus setup heading into 2H25, as the company’s pipeline continues to be meaningfully undervalued relative to its potential in large oncology and obesity markets. We see room for investor re-engagement as Corbus delivers steady updates on CRB-701 throughout the year. In our view, recent weakness in stock has been driven by cross-trial comparisons within the obesity space, which we believe overlooks the differentiated profile of Corbus’ programs and presents a compelling entry point (see details below). At ASCO GU 2025, Corbus presented updated Phase 1 data for CRB-701, its Nectin-4-directed ADC, reinforcing its best-in-class profile with meaningful activity across several solid tumor types and a cleaner safety profile than competing agents. The Western cohort showed efficacy consistent with prior ex-US results, while also reporting a lower rate of adverse events—including reduced ocular toxicity and infrequent peripheral neuropathy—with no dose-limiting toxicities observed.Notably, CRB-701 achieved a 57% response rate in HNSCC, outperforming historical benchmarks for EV, and also showed promising activity in cervical and urothelial cancer. The FDA has granted CRB-701 Fast Track designation in relapsed/refractory metastatic cervical cancer, and the ongoing Phase 1/2 trial (NCT06265727) continues dose optimization across multiple tumor types, with RP2D determination under Project Optimus expected by Q4 2025. Taken together, these data support CRB-701’s emergence as a strong contender in the ADC space, with additional updates anticipated later this year. However, given the sustained multiple compression across SMID-cap biotech, we are adjusting our valuation framework to reflect a more risk-averse market environment. Specifically, we are lowering our P/E multiples and increasing discount rates to better align with current investor sentiment, elevated cost of capital, and reduced appetite for early-stage clinical risk. Hence, we reiterate our Buy rating and lower our PT to $40 from $50."

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