B. Riley last night initiated coverage of Corbus Pharmaceuticals with a Buy rating and $85 price target. The analyst likes the company’s strategy to develop a next-generation weight loss agent that could address the unmet needs of available drugs. Corbus’ CRB-913 is a CB1R inverse agonist that acts on peripheral tissues for treating obesity, the analyst tells investors in a research note. While the recognizes the historical central nervous system-related adverse events associated with first-generation drugs, it believes current advancements can mitigate these issues while achieving clinically meaningful weight loss.
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