Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target Lowered to $58.00 at Royal Bank of Canada

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective reduced by Royal Bank of Canada from $65.00 to $58.00 in a research note released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the biopharmaceutical company’s stock.

CRBP has been the topic of a number of other reports. William Blair started coverage on Corbus Pharmaceuticals in a research report on Friday, February 28th. They set an “outperform” rating on the stock. Jefferies Financial Group lowered their price target on Corbus Pharmaceuticals from $70.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, March 11th. Wedbush reaffirmed an “outperform” rating and issued a $51.00 price objective on shares of Corbus Pharmaceuticals in a research report on Wednesday, March 12th. Oppenheimer lowered their target price on shares of Corbus Pharmaceuticals from $60.00 to $56.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, StockNews.com upgraded shares of Corbus Pharmaceuticals to a “sell” rating in a research note on Thursday, March 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.88.

Corbus Pharmaceuticals Price Performance

Shares of NASDAQ CRBP opened at $6.45 on Wednesday. Corbus Pharmaceuticals has a 1-year low of $4.64 and a 1-year high of $61.90. The business has a fifty day moving average price of $6.33 and a 200 day moving average price of $10.85. The stock has a market capitalization of $78.90 million, a P/E ratio of -1.38 and a beta of 3.19.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.26) by ($0.13). As a group, equities research analysts anticipate that Corbus Pharmaceuticals will post -4.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CRBP. Wells Fargo & Company MN boosted its holdings in Corbus Pharmaceuticals by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 6,444 shares of the biopharmaceutical company’s stock valued at $76,000 after purchasing an additional 2,195 shares during the last quarter. Avanza Fonder AB acquired a new position in shares of Corbus Pharmaceuticals in the 4th quarter valued at about $84,000. Deutsche Bank AG boosted its stake in shares of Corbus Pharmaceuticals by 46.8% in the fourth quarter. Deutsche Bank AG now owns 8,206 shares of the biopharmaceutical company’s stock worth $97,000 after buying an additional 2,616 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in Corbus Pharmaceuticals during the fourth quarter worth about $101,000. Finally, JPMorgan Chase & Co. raised its position in Corbus Pharmaceuticals by 27.0% during the third quarter. JPMorgan Chase & Co. now owns 5,507 shares of the biopharmaceutical company’s stock valued at $114,000 after acquiring an additional 1,172 shares in the last quarter. Hedge funds and other institutional investors own 64.64% of the company’s stock.

About Corbus Pharmaceuticals

Corbus Pharmaceuticals Holdings, Inc, a biopharmaceutical company, develops products to defeat serious illness. It develops CRB-701, an antibody drug conjugate (ADC) that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of monomethyl auristatin E (MMAE), which is in Phase I clinical trial; CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFß expressed on cancer cells for the treatment of solid tumors; CRB-913, a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist for the treatment of obesity.