Corbus falls after Mizuho cuts PT on weakness in obesity, cancer drug candidates

Corbus Pharmaceuticals Holdings

24/09/2024 15:37

** Shares of drug developer Corbus Pharmaceuticals  CRBP.O 
fall 2.4% to $18.54
    ** Brokerage Mizuho trims PT to $42 from $74, citing
weakness in company's experimental drugs that are being
developed to treat obesity and certain types of cancer
    ** Brokerage lowers peak sales estimates for experimental
obesity drug CRB-913 to ~$900 million from $2.2 bln
    ** Novo Nordisk  NOVOb.CO  on Friday reported disappointing
mid-stage study data for its experimental obesity drug,
monlunabant, which belongs to the same class as CRB-913
    ** Mizuho also lowers peak sales estimates for CRBP's
experimental cancer drug, CRB-701, to $5.2 bln from $7.6 bln,
anticipating reduced market potential due to growing competition
    ** Including session moves, stock has more than tripled YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))