Earlier on Friday, New Nordisk A/S (NYSE:NVO) announced top results from a Phase 2a clinical study of monlunabant, a small molecule oral cannabinoid receptor 1 (CB1) inverse agonist.
After 16 weeks of treatment, people taking a 10 mg dose of monlunabant once daily achieved a weight loss of 7.1 kg, compared with a loss of 0.7 kg with placebo.
Investors are likely responding to the limited additional weight loss observed at higher doses.
In March, Novo Nordisk shared an update on monlunabant during its Capital Markets Day 2024.
In Phase 1, monlunabant produced a statistically significant mean weight loss of 3.5 kg (3.3%) compared to 0.6 kg (0.5%) with placebo at Day 28.
Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) and Skye Bioscience Inc. (NASDAQ:SKYE) shares fell in reaction to the figures.
All three companies are developing weight-loss drugs that use one mechanism of action: peripheral CB1 inhibition.
Corbus Pharmaceuticals’ investigational CRB-913, also a CB1 inverse agonist, is in the preclinical phase, with human trials expected to begin in the first quarter of 2025.
Analysts’ comments:
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Wedbush maintains Corbus Pharmaceuticals with an Outperform rating and lowers its price target to $51 from $85.
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B. Riley Effects maintains Corbus at Buy and lowers price target from $85 to $40.
Skye is conducting a Phase 2 study in obesity with nimacimab, a negative allosteric modulating antibody that peripherally inhibits CB1.
This study is also evaluating the combination of nimacimab and Novo Nordisk’s Wegovy (semaglutide). Skye expects interim and topline data from its Phase 2 study in 2025.
Jefferies Analyst notes that while expectations for Corbus’ assets have been tempered, significant uncertainties remain, making it difficult to draw definitive conclusions. This is particularly true as Novo Nordisk continues to develop its obesity candidate. Additional insights from long-term open-label extension data, expected in late October, could provide further clarity.
Price promotion: SKYE shares are down 41% to $3.24 and CRBP shares are down 59.4% to $21.00, at last check on Friday.
Read more:
Latest Reviews for CRBP
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Date |
Sturdy |
Action |
By |
Nasty |
|---|---|---|---|---|
|
Oct 2020 |
HC Wainwright & Co. |
Maintains |
Buy |
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September 2020 |
HC Wainwright & Co. |
Maintains |
Buy |
|
|
September 2020 |
Roth Capital |
Depreciations |
Buy |
Neutral |
View more analyst ratings for CRBP
View the latest analyst ratings
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This article Novo Nordisk’s Monlunabant Data Drags Stocks Of Smaller Players originally appeared on Benzinga.com
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