Corbus Pharmaceuticals (CRBP) PT Lowered to $33 at Mizuho

Mizuho analyst Graig Suvannavejh lowered the price target on Corbus Pharmaceuticals (NASDAQ: CRBP) to $33.00 (from $34.00) while maintaining a Outperform rating.

The analyst commented: "CRBP reported 2Q results last week, for which we saw no material updates. While we lower our PT to $33 (vs. $34 prior) on minor model updates, our main focus remains progress with CRBP's two pipeline candidates, each of which has an important catalyst in September: (1) for CRB-913 (a CB1 inverse agonist for obesity), a top-line P1b CANYON-1 study data announcement; and (2) for lead asset CRB-701 (a Nectin-4 ADC), initiation of the registrational P3 TEMPO-1 study in second-line/2L oropharyngeal squamous cell carcinoma/OPSCC (i.e., a type of head and neck squamous cell carcinoma/HNSCC commonly linked to Human papillomavirus/HPV). On the former, which represents a potential stock catalyst, unsurprisingly, expectations are low, especially given the CB1 class' history; that said, assuming a modicum of weight loss, and more importantly, no serious CNS-related adverse events, we think the stock can work. Thus, seeing near-term pipeline optionality, we reiterate our OP rating."

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