Nasdaq-Traded Cannabinoid Biotech Corbus Pharma Stock Plunges 60%, But Analysts Say 'Buy The Dip' Now

Corbus Pharmaceuticals Holdings, Inc. CRBP received reaffirmed buy ratings from both H.C. Wainwright and Oppenheimer this week, with analysts citing the company's diversified pipeline as a key driver for future growth, despite a sharp stock decline after Novo Nordisk‘s NVO mid-stage data on its obesity drug.

Andres Maldonado of H.C. Wainwright reiterated a Buy rating for Corbus with an $80 price target, highlighting that Novo's recent challenges with monlunabant, a drug targeting the same receptor as Corbus’ CRB-913, should not impact the latter's potential. The stock currently trades below the $20 mark.

Maldonado stressed that different drugs within the same class could exhibit unique efficacy and safety profiles. 

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Oppenheimer And Mizuho Double Down On Corbus' Pipeline

Oppenheimer also maintained a Buy rating, setting a price target of $88, focusing not only on CRB-913 but also on Corbus' broader assets, especially CRB-701. 

Mizuho similarly recommended buying the dip, viewing the recent 60% stock plunge as an overreaction. 

The firm pointed to CRB-701's positive Phase 1 data and sees the company's valuation primarily tied to this Nectin-4-based ADC for cancer treatment, rather than the obesity drug alone.

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