Key points:
- Corbus Pharma (CRBP) stock surged 37.7% as buyers flocked in.
- The company recently filed documents suggesting a reverse stock split.
- Many hope the firm shall regain compliance with Nasdaq listing rules.
The Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) stock price surged 37.7% premarket as buyers flooded in, overpowering the sellers who had driven the stock lower yesterday, making it close 20.46% lower.
Yesterday, the biotech company amended the rights of shareholders in the company to vote on any future reverse stock splits initiated by the company, indicating that it might be preparing for a stock split. The flood of buyers might be anticipating a reverse stock split, given that Corbus stock has been trading below $1 since November 2021.
Also read: The Best Biotech Penny Stocks Under $5 To Buy Right Now.
The Nasdaq requires all companies listed on its exchange to ensure that their stocks are trading above $1 or risk being delisted from the exchange. Since CRBP shares have been trading below the figure since mid-November 2021, the company might run out of time to regularise its stock price. In addition, it may have exhausted the extensions typically granted to firms.
Corbus Pharma recently appointed Dr Anne Altmeyer, PhD, MBA, MPH, to its board of directors to strengthen its leadership team. In addition, the company’s CRB-913 drug candidate also showed effectiveness in lowering the weight of mice in a preclinical trial.
Given the rising global obesity rates, CRB-913 could generate significant revenues for Corbus Pharma if it is commercialised. However, given that the drug is still in the preclinical trial stages, it has a long way to go before it can be commercialised.
Corbus Pharma’s CRB-601 anti-cancer drug also showed effectiveness at inhibiting tumour growth as a single agent and when combined with anti-PD-1 treatment in the EMT6 and MC38 syngeneic tumour models. In addition, the drug also restored an anti-PD-1 effect within the 4T1 syngeneic tumour model.
The data collected suggested that CRB-601 could overcome the immune excluded phenotype that is part of the above model and enhance the efficacy of treatment with anti-PD-1 therapy. Interestingly mice treated with the drug did not form new tumours after 30 days, while those on placebo died from the tumours.
Corbus Pharma intends to make an IND submission for CRB-601 in H1 2023. Hence, a reverse stock split is essential to regain compliance with Nasdaq listing rules.
*This is not investment advice.
Corbus Pharma (CRBP) stock price.
The Corbus Pharma (CRBP) stock price surged 37.73% to trade at $0.15, rising from Wednesday’s closing price of $0.11.
