RBC Capital notes that Corbus Pharmaceuticals (CRBP) has disclosed updates from its Phase I SAD/MAD study of CRB-913, a CB1 receptor inverse agonist, and management also hosted a conference call to discuss the data in detail. Early hints at efficacy and possibility Corbus could navigate a therapeutic window better than prior CB1 efforts should draw attention to this under-the-radar asset, with more robust de-risking data potentially only a few quarters away. At a $35M EV, with a cancer drug in ‘701 RBC views as low-risk, and a higher-risk but potentially very large-opportunity obesity asset, the firm believes the company is undervalued. The firm has an Outperform rating on the shares with a price target of $53.
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