Thursday 24 June 2021 has been a volatile day for Corbus Pharmaceuticals Holdings, Inc. (CRBP). The stock gained a value of 4.02% at the end of the day as a response to CRBP announcement of topline results from DETERMINE phase 3 study of lenabasum to treat people with uncommon, heterogeneous illness of dermatomyositis.
WHAT IS HAPPENING WITH CRBP STOCK?
However, the stock did not maintain value and later during the pre-market trading on Friday. CRBP share has approximately fallen 73.99% over the last twelve months, also during the last six months it has lost value of 41.78%. And, over the past three months, it has gained 3.50%.
ABOUT CORBUS PHARMACEUTICAL HOLDING INC. AND ITS TOPLINE RESULTS
Corbus Pharmaceuticals Inc. is a clinical-stage pharmaceutical company that is determined for the development and distribution of novel therapeutics for endocannabinoid and immune systems. The lead product produced by the company is lenabasum, which, is a novel synthetic oral endocannabinoid-mimetic drug synthesized to treat chronic inflammation and fibrotic processes. Dermatomyositis patients experience muscular weakness and skin involvements.
Earlier this month, CRBP announced diversification of its product pipeline by obtained a license for two new monoclonal antibodies (mAbs), CRB-601 and CRB-602. The addition of these products in CRBP’s product pipeline has expanded its genre to inflammatory, fibrotic, metabolic diseases, and cancer. The recent study for the phase 3 trial of lenabasum did not meet the primary endpoint of total improvement score (TIS) of 28.3 compared to 26.7 for the control group, p=0.1965. Standardized therapies were given to all groups including the control group with, 89% of the dosed subjects getting at least one immunosuppressive or immunomodulation medication.
CRBP stock has fallen dramatically over the past twelve months. However, the company has taken crucial steps to improve its stock performance by improving its product pipeline. So better performance can be expected from CRBP stock.