Corbus Pharmaceuticals initiated with an Outperform at RBC Capital. RBC Capital analyst Brian Abrahams initiated Corbus Pharmaceuticals with an Outperform rating and a price target of $23. The analyst believes that the current valuation on its stock “substantially underappreciates the broad potential of lead drug lenabasum across multiple high unmet need autoimmune/inflammatory conditions”. Abrahams also sees potential for share appreciation ahead of the company’s late-stage readouts, with “significant upside” coming in late 2019 and early 2020 if Corbus’ Phase 2 trial data show benefits in systemic sclerosis and dermatomyositis studies.
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