Corbus Pharmaceuticals (NASDAQ:CRBP) released its earnings results on Thursday. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.05), MarketWatch Earnings reports. The firm had revenue of $1.09 million during the quarter, compared to analysts’ expectations of $1.66 million.
Shares of NASDAQ CRBP traded down $0.26 during trading hours on Friday, hitting $6.61. 942,460 shares of the company traded hands, compared to its average volume of 1,131,068. The company has a market cap of $435.91 million, a P/E ratio of -10.17 and a beta of 2.16. Corbus Pharmaceuticals has a 12 month low of $4.50 and a 12 month high of $9.95.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRBP. BlackRock Inc. grew its position in Corbus Pharmaceuticals by 31.7% in the 3rd quarter. BlackRock Inc. now owns 5,220,146 shares of the biopharmaceutical company’s stock valued at $39,412,000 after acquiring an additional 1,256,503 shares during the last quarter. IFP Advisors Inc grew its position in Corbus Pharmaceuticals by 12.0% in the 2nd quarter. IFP Advisors Inc now owns 1,500,805 shares of the biopharmaceutical company’s stock valued at $7,579,000 after acquiring an additional 160,250 shares during the last quarter. Northern Trust Corp grew its position in Corbus Pharmaceuticals by 7.6% in the 2nd quarter. Northern Trust Corp now owns 572,325 shares of the biopharmaceutical company’s stock valued at $2,890,000 after acquiring an additional 40,356 shares during the last quarter. Renaissance Technologies LLC bought a new position in Corbus Pharmaceuticals in the 2nd quarter valued at $842,000. Finally, Millennium Management LLC bought a new position in Corbus Pharmaceuticals in the 2nd quarter valued at $772,000. 42.69% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on CRBP shares. ValuEngine raised Corbus Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 21st. BidaskClub downgraded Corbus Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 18th. Cantor Fitzgerald set a $36.00 target price on Corbus Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, October 1st. Finally, B. Riley started coverage on Corbus Pharmaceuticals in a research report on Wednesday, October 24th. They set a “buy” rating and a $22.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the company. Corbus Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $27.33.
About Corbus Pharmaceuticals
Corbus Pharmaceuticals Holdings, Inc is a phase 3 clinical-stage pharmaceutical company, focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. The Company’s lead product candidate, lenabasum, is a novel, synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation and fibrotic processes.
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