Here's Why Corbus Pharmaceuticals Fell 10% Thursday Morning

Shares of Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) were trading lower by around 10 percent Thursday morning, even though the company reported positive, top-line data from an ongoing clinical trial.

Corbus has been exploring its Anabasum (Resunab) therapy in a Phase 2 study for the treatment of cystic fibrosis.

Corbus said that Anabasum achieved its primary objective of demonstrating an acceptable safety and tolerability profile at all doses with no serious or severe adverse events related to the study drug. The study was conducted over 16-weeks and involved 85 patients suffering from CF.

Corbus added that patients receiving a 20-mg dose of Anabasum twice a day had a 75 percent reduction in the annualized rate of pulmonary exacerbations requiring IV antibiotics compared to placebo cohort.

Why The 10% Decline?

Corbus' CEO Yuval Cohen said in the company's press release that he is "delighted" that the therapy demonstrated an acceptable safety profile. So, the question many investors are asking is why the stock would fall 10 percent.

Adam Feuerstein, TheStreet's biotechnology expert, commented on Corbus' findings in a few tweets Thursday morning.

In one tweet, Feuerstein suggested that Anabasum "did nothing" for patients suffering from CF as evidenced by no change in lung function. He added in the tweet that the company's disclosure is cherry-picking data.

"Efficacy of anabasum in this CF study is close to a zero," Feuerstein said in another tweet. "A lot of hand waving in the PR to obscure negative or missing data."

A third tweet read, "The more I dig into the $CRBP anabasum CF data, the worse it looks. Management's spin job can't hide the truth."

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