Corbus Pharmaceuticals: A Pause In The Rally Likely

seekingalpha08-13

Corbus Pharmaceuticals Holdings, Inc. has seen an 800% stock price increase in 2024, making it one of the best performing equities in the market.The company has two early-stage assets getting ...

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Love Employee Today, we are putting Corbus Pharmaceuticals Holdings, Inc.  in the spotlight. Trial data disclosed early this year has powered a better than 800% run in the stock. This makes CRBP one of the best performing equities in 2024. Not surprisingly, the company has seen increased positive attention from the analyst community, with several rating upgrades. 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Love Employee Today, we are putting Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) in the spotlight. Trial data disclosed early this year has powered a better than 800% run in the stock. This makes CRBP one of the best performing equities in 2024. Not surprisingly, the company has seen increased positive attention from the analyst community, with several rating upgrades. Can the rally continue, or have the shares entered overbought territory? An analysis follows below. Seeking Alpha Corbus Pharmaceuticals Holdings, Inc. is headquartered in Norwood, MA, just outside of Boston. This clinical stage biotech concern is focused on developing candidates to treat serious illness. The company has several assets within its pipeline currently. With the recent rise of the stock, the shares trade near $56.50 and sport a market capitalization of approximately $680 million.   Company Website Corbus's focus within its pipeline is by targeting Nectin-4, a protein that is involved in cell adhesion through trans-homophilic and -heterophilic interactions. Corbus believe this protein has untapped potential.   Company Website Corbus is positioning CRB-701 as a potential ADC upgrade from an approved compound called PADCEV from Pfizer (PFE) and its partner Astellas Pharma Inc. (OTCPK:ALPMF). PADCEV is used to treat bladder and urinary tract cancer. It was first approved late in 2019 and is projected to have a run rate of $5 billion in global sales by FY2028. PADCEV has a black box warning, and a good number of discontinuations are caused by peripheral neuropathy. PADCEV had sales of $38.4 million in 1Q2024 for Astellas, which was up over 150% from the same period in FY2023.   August 2024 Company Presentation The company's lead candidate is CRB-701, a next-generation Antibody Drug Conjugate or ADC targeting Nectin-4. Corbus Pharmaceuticals has a couple of other compounds in development, the most important of which is CRB-913.   August Company Presentation CRB-913 is a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist. It is being evaluated as a potential treatment of obesity, one of few non GLP-1 candidates targeting this large and growing space. CRB-913 has shown promise in pre-clinical studies and has potential as part of future combination therapies with the likes of GLP-1 blockbusters like Zepbound and Wegovy from Eli Lilly (LLY), Novo Nordisk (NVO), respectfully.   August 2024 Company Presentation That said, development of CRB-913 is very early stage, with dosing in a Phase 1 study as a monotherapy is not scheduled to begin until the second half of 2025. Dosing as part of combination therapy is not scheduled until the second half of 2026.   August 2024 Company Presentation  August 2024 Company Presentation Behind The Rally: In late January, the stock approximately tripled after Corbus Pharmaceuticals disclosed initial data from a Phase 1 trial evaluating CRB-701 for treating solid tumors. Data showed an objective response rate ORR of 43%. This included three partial responses. Some caveats around this initial set of data are it consisted of only 18 participants and this dose escalation study is being conducted in China.   August Company Presentation That said, fuller Phase 1 data came out early in June that demonstrated maintained ORR in the low 40s for both Nectin-4 positive urothelial or cervical cancer, and with individuals that had failed or were intolerant to standard treatment. Analyst Commentary & Balance Sheet: The analyst community is universally optimistic around Corbus Pharmaceuticals at the moment. Since late June, five analyst firms including B. Riley Financial and Oppenheimer have reissued or assigned Buy ratings to the stock. Price targets proffered range from $80 to $88 a share. At the end of June, Wedbush initiated coverage with a new Outperform rating and $85 price target, citing Corbus Pharmaceutical's drug candidates for cancer and obesity. This echoed RBC Capital's initiation of a new Buy rating six weeks earlier. Wedbush's analyst did add this caveat to the rating We think the opportunity for CRB-913 to be combined or sequenced with incretin analogs is hugely underappreciated, though that may change with key competitor data in 2H 2024.\" Corbus Pharmaceuticals ended the first half of 2024 with $147 million worth of cash and marketable securities on its balance sheet. Management has guided that this is sufficient to fund all planned activities until the third quarter of 2027. It should be noted that Corbus did file a prospectus for a $300 million shelf offering in March. Just under 10% of the outstanding float in the shares is currently held short. Insiders have started to take some chips off the table. Since the start of June, several insiders have sold just over $4 million worth of equity collectively. Of note, in the first quarter of this year, a beneficial owner and another insider purchased tens of millions of dollars' worth of shares. Conclusion:   August 2024 Company Presentation CRB-701, based on early data, looks like it could have a significant safety profile advantage against competitors (above) and is targeting a large and growing market. Use against cervical cancer could be particularly promising.   August Company Presentation  August Company Presentation That said, CRB-701 is many, many years from any potential commercialization. CRB-913 is a wildcard given its potential as part of a combination therapy in a massive and still growing market, but CRB-913 will not see any clinical results for some time.  Now, there has been some significant M&A activity in the ADC space. AbbVie (ABBV) purchased ImmunoGen (IMGN) in late 2023 for $10.1 billion in cash and Johnson & Johnson (JNJ) paid $2 billion to acquire Ambrx Biopharma (AMAM) earlier this year as two notable recent deals for ADC focused concerns. However, outside of a buyout, and given the huge gains in the stock in 2024, I could see some profit taking occur in the shares given the lack of near-term catalysts. If that occurs and the stock pulls back into the low to mid-$40s, I will probably establish a small stake in this promising, but early-stage concern via covered call orders. Option premiums against the equity are quite large it should be noted and provide considerable downside risk mitigation.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2459950374"}