Apr. 2 at 3:41 PM
Mizuho⬆️
$CRBP's PT to
$40 and reiterated at an Outperform rating.
MRUS -
$GMAB JNJ -
$NBTX MRK
$BCAX
Mizuho said—In light of previously reported 4Q results and our recent conversations w/ mgmt, we increase our PT to
$40 (vs.
$39 prior) on updated assumptions for CRB-701 ('701) and CRB-913 ('913).
From CRBP's 4Q update, notably,
(1) CBRP remains on track for three data updates in 2026, and
(2) incremental (but of very little significance) was deprioritization of CRB-601 (an asset that we nor investors paid particular attention to).
Our model includes major changes primarily around our assumptions for '701, where we now include the head and neck squamous cell carcinoma/HNSCC opportunity, while removing some previously modeled '701 opportunities (we provide further details within).
Net net, we maintain our overall bullish view and, with the shares trading at near cash/share levels, seeing favorable risk/reward ahead of multiple upcoming data catalysts, we reiterate our OP rating on CRBP.
