Corbus Pharmaceuticals price target lowered to $40 from $85 at B. Riley

B. Riley analyst Kalpit Patel lowered the firm’s price target on Corbus Pharmaceuticals (CRBP) to $40 from $85 and keeps a Buy rating on the shares after Novo Nordisk (NVO) reported top-line results from its Phase 2 study of monlunabant, a CB1R inverse agonist, at 16 weeks. The results came in lower than expectations, with modest efficacy and dose-dependent increases in CNS-related adverse events, which is leading Corbus to lose about 60% in market value on a readthrough, the analyst tells investors. While the firm is lowering its view of the probability of success for Corbus’ CRB-913 for obesity, it maintains its positive outlook for Corbus’ nectin-4 targeting agent, CRB-701, which it notes has shown “encouraging early data” in cervical cancer.