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

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: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 (NYSE: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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