Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CBRP)
Corbus Pharmaceuticals Holdings Inc. (CBRP), a clinical stage pharmaceutical company announced today that they have received fast track status from the FDA regarding their drug Resunab which helps in the treatment of systemic sclerosis.
Corbus Pharmaceutical Earnings and Outlook
Listed Below is the 2015 second quarter financial results posted on Aug 13 :
For the three months ended June 30, 2015, the Company reported a net loss of approximately $2,563,000, or a net loss per diluted share of $0.10, compared to a net loss of approximately $505,000 or a net loss per diluted share of $0.02 for the three months ended June 30, 2014. For the six months ended June 30, 2015, the Company reported a net loss of approximately $4,098,000 or a net loss per diluted share of $0.16, compared to a net loss of approximately $621,000 or a net loss per diluted share of $0.04 for the three months ended June 30, 2014. The increase in the net loss for the three and six months ended June 30, 2015 is attributable to a ramp up of the Company’s operations to support the upcoming clinical trials in scleroderma and cystic fibrosis and the costs associated with being a public company. Market Wired
Corbus Pharmaceutical CEO’s Comments
Comments based on today’s news regarding drug Resunab receiving fast track status from FDA:
“We are very pleased to have achieved another significant regulatory milestone for Resunab for the treatment of systemic sclerosis, following the recently granted FDA Orphan Drug Designation in this indication,” said Yuval Cohen, Ph.D., Chief Executive Officer of Corbus. “With Fast Track status, we expect to have the opportunity to accelerate Resunab’s clinical development timeline to more expediently bring this potentially impactful drug therapy to individuals with systemic sclerosis.” Market Wired
Comments made after second quarter financial results from last week:
“We have continued to make notable progress advancing our clinical programs for Resunab with the start of patient dosing in our dermatomyositis Phase 2 study, funded by the NIH, as well as preparing for the launch our Phase 2 studies in CF and systemic sclerosis,” commented Yuval Cohen, Ph.D., Chief Executive Officer of the Company. “We anticipate continued momentum in the near-term with additional clinical, pre-clinical, regulatory and corporate milestones.”
“The next twelve months will be extremely important for the Company. We remain focused on the successful execution of our clinical development programs and believe that Resunab offers the best therapeutic approach to reducing the inflammatory and fibrotic components that play such key roles in the disease progression of CF, scleroderma and dermatomyositis,” stated Dr. Cohen. “Importantly, we look to expanding our pipeline, both within as well as by acquiring external assets.” Market Wired
Technical Analysis
CRBP gapped up in price today to $2.80 up from yesterday’s close of $1.86 which is a 51% increase in price based on favorable drug news. Taking a look at the daily chart we can see the last time the stock traded at this level was on July 23 when it traded at $2.82. This could be a significant resistance level for the stock as the last time it traded at this level it tanked all the way to $1.88 in only a few days of trading. The stock has been very volatile as the 52 week high is $4.95 and the stock has in the past moved $0.50 to $1.00 within one day of trading, which is not an uncommon characteristic of pharmaceutical company as they are very sensitive on news regarding their drug studies. The stock has a low float of 20.78 million shares and is trading on heavy volume today making it a prime candidate for the gap and go strategy. The pre market high was $3.39, so it gave back $0.59 on the open which concerns me a bit that it may be overextended at these levels. For trading purposes I will use $3.00 as my entry point looking for a pop through the whole number. My stop loss would be the gap up price of $2.80 fearing it falls below that price we will start to fill in the gap up.
Company Profile
Corbus Pharmaceuticals Holdings, Inc., a clinical stage pharmaceutical company, focuses on the development and commercialization of novel therapeutics to treat rare life-threatening inflammatory and fibrotic diseases. Its lead product candidate, Resunab, is a novel oral anti-inflammatory drug that is expected to commence Phase IIa clinical trials for the treatment of cystic fibrosis and diffuse systemic sclerosis diseases. The company is based in Norwood, Massachusetts. Yahoo Finance
