Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) gained more than 97% and last traded at $5.75, up $2.84 from previous close.
Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) had announced that an abstract featuring pre-clinical data on CRB-601, its avβ8 blocking antibody, has been accepted for presentation at the 2023 American Association for Cancer Research (AACR) annual meeting. The poster, titled “CRB-601, an avβ8 blocking antibody, prevents activation of TGFb and exhibits anti-tumor activity associated with immune cell remodeling of the tumor microenvironment,” will be presented by authors Daqing Wang, Ph.D., Vaishali Shinde, MS, Maneesh Singh, Ph.D., Rachael Brake, Ph.D., and Andrew Kolodziej, Ph.D. The poster will be available to view on April 16, 2023, from 1:30 PM to 5:00 PM at the AACR annual meeting in Orlando, FL.
For the uninitiated, Corbus Pharmaceuticals Holdings, Inc. is a precision oncology company that focuses on utilizing innovative scientific methods to target well-understood biological pathways to combat serious illnesses. Its current pipeline comprises two drugs: CRB-701, a next-generation antibody drug conjugate that targets Nectin-4 expression on cancer cells to release a cytotoxic payload, and CRB-601, an anti-integrin monoclonal antibody that prevents the activation of TGFβ in cancer cells. The company is headquartered in Norwood, Massachusetts.
So what caused today’s surge ?
Biotech stocks often soar before a presentation or announcement of clinical trial results because investors are anticipating positive news that could potentially lead to the approval and commercialization of a new drug or treatment. The success or failure of clinical trials can have a significant impact on a biotech company’s stock price, as it can affect its future revenue potential and overall value. Positive news, such as promising trial results or regulatory approval, can lead to increased investor confidence and higher demand for the company’s stock, resulting in a rise in its price. However, it’s important to note that biotech stocks can also be highly volatile, and investors should be cautious when making investment decisions based on clinical trial results or other announcements.
There are various markets related to the treatment of diseases through immune cell remodeling techniques, such as immunotherapy and gene therapy. These markets can vary in size depending on the specific disease being treated and the potential market for the therapy. For example, the global cancer immunotherapy market was valued at approximately $75 billion in 2020 and is expected to grow significantly in the coming years. The market for gene therapies is also projected to grow substantially, with some estimates suggesting that the global gene therapy market could reach $21 billion by 2025.
Other companies in Corbus Pharmaceuticals’s space includes: Immuron (NASDAQ:IMRN), Cellectar Biosciences (NASDAQ:CLRB), Nanoviricides (AMEX:NNVC), BioRestorative Therapies (NASDAQ:BRTX) and NexImmune (NASDAQ:NEXI).