Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP)
Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) today issued a press release announcing that its drug candidate JBT-101 met the primary endpoint in treating patients with cystic fibrosis. Curiously, CRBP shares responded by dropping. On Wednesday CRBP shares closed at $9.00 then gapped down this morning to open at $8.20. Shares have reached an inter-day low of $7.20 and an inter-day high of $8.45. Volumes have been expectedly heavy. CRBP shares have an average daily volume of less than 1 million shares traded but by 12:30 AM EST, over 6.6 million shares have exchanged hands.
85 subjects too place in the Phase 2 clinical trial that was designed to assess multiple doses JBT-101 (anabasum). The subjects, who were on standard-of-care medications, were dosed, over an 84 day period, with anabasum or a placebo at 21 sites in the USA and Europe. After dosing, 10 patients discontinued early from the study; 3 patients withdrew consent, 5 withdrew due to adverse events (2 on placebo, 3 on anabasum), 1 subject was lost to follow-up and 2 patients withdrew for treatment-unrelated reasons. Treatment with anabasum yielded a dose-dependent reduction in acute pulmonary exacerbations. The highest dose of anabasum (20 mg twice per day) was associated with a 75% reduction in the annualized rate of pulmonary exacerbations requiring treatment with IV antibiotics, compared to placebo. Patients treated with anabasum 20 mg twice a day had a consistent reduction in inflammatory mediators in their sputum including interleukin-8, neutrophil elastase and immunoglobulin G.
Cystic Fibrosis is also a disease being addressed by Vertex Pharmaceuticals who developed Kalydeco and Orkambi. However those drugs target Cystc Fibrosis patients with specific mutations while Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) is developing anabasum as a treatment across all cystic fibrosis patients regardless of genetic mutation characteristics.
Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) is followed by four firms. All four rank CRBP shares as a “Strong Buy” with a price target of $18.00. EPS losses for CRBP shareholders have widened each year since 2012 when the loss was -$0.04. In 2016 that loss was -$0.49. But sales have improved. In 2015, the company reported sales of $600,000 and in 2016 that number grew to $1.9 million. Dilution of Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) shares increased in 2016 when the company ended the year with 41.14 million shares of CRBP outstanding. In 2015 that number was 31.35 million.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.