Monday - Oppenheimer has raised the price target on Corbus Pharmaceuticals (NASDAQ:CRBP) shares to $80 from the previous $60, while maintaining an Outperform rating. The firm's decision comes in light of Corbus's recent announcement of new patient data showing efficacy in treating ulcerative colitis (UC) and cervical cancer.
The pharmaceutical company reported that 8 new efficacy-evaluable patients had objective response rates (ORRs) of 44% for UC and 43% for cervical cancer. However, in breast cancer (BC), no responses have been observed among the three patients evaluated so far.
The updated price target reflects Oppenheimer's inclusion of cervical cancer treatment potential in their financial model for Corbus. Additionally, the firm has updated its valuation based on the company's developments in the obesity sector.
Corbus's progress in expanding its treatment portfolio has been a significant factor in the analyst's continued positive outlook. The adjustment in the price target to $80 is seen as a reflection of the company's growing therapeutic reach and the potential market expansion due to these new treatment avenues.
The stock market has responded favorably to the news, with investors showing increased interest in Corbus Pharmaceuticals (NASDAQ: CRBP) following the updated assessment by Oppenheimer.
InvestingPro Insights
Following the positive assessment by Oppenheimer, current InvestingPro data sheds additional light on Corbus Pharmaceuticals' (NASDAQ: CRBP) financial health and market performance. With a market capitalization of $457.39 million, the company's financials reflect some challenges, including a P/E ratio of -6.97 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at -13.55, indicating that investors are expecting future growth despite current losses.
An InvestingPro Tip highlights that Corbus holds more cash than debt on its balance sheet, which is a positive sign for the company's financial stability. Additionally, liquid assets exceed short-term obligations, providing further evidence of a solid liquidity position. On the flip side, analysts have revised their earnings downwards for the upcoming period, and the company is not expected to be profitable this year. Despite these concerns, Corbus has shown a strong return over the last three months, with a price total return of 22.29%, and an impressive one-year price total return of 334.52%.
For investors looking for more in-depth analysis and additional InvestingPro Tips, there are 10 more tips available for Corbus Pharmaceuticals on InvestingPro. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which provides comprehensive insights to help make informed investment decisions.
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