Shares of Corbus Pharmaceuticals (NASDAQ:CRBP), a company developing new drugs that target the endocannabinoid system, started jumping this afternoon after an investor presentation at Oppenheimer (NYSE:OPY). The bank also began analyst coverage with an outperform rating and a price target that implies a 300% gain. As a result, the stock was up 11.9% as of 3:22 p.m. EDT on Tuesday.
Corbus Pharmaceuticals hasn’t received much attention for its endocannabinoid system targeting approach to treating chronic autoimmune diseases. Following Oppenheimer’s enthusiastic prediction, though, investors will begin taking notes whenever Corbus moves a muscle.
Corbus’ lead candidate, lenabasum, is a synthetic drug that acts on CB2 receptors expressed on immune cells, instead of the CB1 receptors in the brain that cannabis consumers are most concerned with. The unique approach appears to shut down inflammation without actually suppressing the immune system the way some