Corbus target hike from Cantor
Corbus Pharmaceuticals Holdings Inc CRBP has received a price target increase to $24 from $17 from Cantor Fitzgerald, which reiterated an Overweight rating following positive data from the company’s Phase 2 study in Cystic Fibrosis.
“Treatment with anabasum at the highest dose of 20mg BID demonstrated a 75 percent reduction versus placebo in the rate of pulmonary exacerbations requiring antibiotic therapy,” explained Cantor Fitzgerald analyst Elemer Piros on Thursday.
The primary focus on the phase 2 study was safety, ensuring that patients did not worsen due to therapy.
Phase 2 Study
“We remind investors that in a study of an LTB4 antagonist, treatment led to an increase in exacerbations. Anabasum was well tolerated during the study, with most common related drug effects being dry mouth and cognitive disorder. While patients treated with drug experienced 7 serious exacerbations compared with placebo’s 6 events, we note the study’s roughly 2:1 drug:placebo randomization.”
Cantor Fitzgerald was encouraged by the results of the Phase 2 study, subsequently increasing its probably rate of success in Cystic Fibrosis to 50 percent up from 30 percent. The firm believes the current data merits continued financial support of the CF foundation and bodes well for a “larger, longer, and potentially pivotal trial in CF.”