Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) have earned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation and nine have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $40.6667.

Several analysts have recently weighed in on CRBP shares. Wedbush dropped their price target on shares of Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Mizuho cut their price objective on Corbus Pharmaceuticals from $44.00 to $34.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. HC Wainwright restated a “buy” rating and issued a $40.00 price objective on shares of Corbus Pharmaceuticals in a report on Tuesday, May 26th. Guggenheim reaffirmed a “buy” rating on shares of Corbus Pharmaceuticals in a research report on Tuesday, May 26th. Finally, Oppenheimer lowered their target price on shares of Corbus Pharmaceuticals from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, June 17th.

Insiders Place Their Bets

In other Corbus Pharmaceuticals news, Director John Kenneth Jenkins sold 4,800 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total transaction of $37,968.00. Following the transaction, the director directly owned 3,833 shares in the company, valued at $30,319.03. This represents a 55.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nishant C. Saxena acquired 9,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was purchased at an average cost of $7.58 per share, with a total value of $68,220.00. Following the completion of the purchase, the insider directly owned 75,300 shares of the company’s stock, valued at approximately $570,774. This represents a 13.57% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 9,238 shares of company stock worth $73,073 over the last 90 days. 3.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aberdeen Group plc boosted its stake in shares of Corbus Pharmaceuticals by 602.2% in the 4th quarter. Aberdeen Group plc now owns 1,321,750 shares of the biopharmaceutical company’s stock valued at $10,759,000 after buying an additional 1,133,519 shares during the period. Orbimed Advisors LLC boosted its position in shares of Corbus Pharmaceuticals by 36.3% during the 4th quarter. Orbimed Advisors LLC now owns 1,597,287 shares of the biopharmaceutical company’s stock worth $13,002,000 after acquiring an additional 425,000 shares in the last quarter. Armistice Capital LLC increased its position in shares of Corbus Pharmaceuticals by 179.2% during the fourth quarter. Armistice Capital LLC now owns 536,000 shares of the biopharmaceutical company’s stock worth $4,363,000 after purchasing an additional 344,000 shares in the last quarter. Prosight Management LP raised its holdings in shares of Corbus Pharmaceuticals by 99.1% in the fourth quarter. Prosight Management LP now owns 683,872 shares of the biopharmaceutical company’s stock valued at $5,567,000 after buying an additional 340,472 shares during the last quarter. Finally, ADAR1 Capital Management LLC increased its stake in Corbus Pharmaceuticals by 2,711.6% in the 4th quarter. ADAR1 Capital Management LLC now owns 286,781 shares of the biopharmaceutical company’s stock valued at $2,334,000 after buying an additional 276,581 shares during the period. Hedge funds and other institutional investors own 64.64% of the company’s stock.

Corbus Pharmaceuticals Stock Up 1.0%

Shares of CRBP opened at $8.98 on Friday. Corbus Pharmaceuticals has a 52-week low of $7.12 and a 52-week high of $20.56. The stock has a fifty day simple moving average of $8.91 and a two-hundred day simple moving average of $8.95. The company has a market capitalization of $166.40 million, a PE ratio of -1.54 and a beta of 2.55.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.26) by $0.03. As a group, equities analysts anticipate that Corbus Pharmaceuticals will post -4.87 earnings per share for the current fiscal year.

Corbus Pharmaceuticals Company Profile

Corbus Pharmaceuticals Holdings, Inc is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of therapeutic candidates for rare, life-threatening inflammatory and fibrotic diseases. The company’s lead investigational therapy, lenabasum, is a synthetic, oral cannabinoid receptor type 2 (CB2) agonist designed to resolve chronic inflammation by harnessing the body’s innate resolution pathways. Corbus operates by advancing small-molecule compounds through preclinical and clinical studies to address unmet medical needs in autoimmune and inflammatory disorders.

Lenabasum is currently under evaluation in a Phase 3 clinical trial for diffuse cutaneous systemic sclerosis (dcSSc) and in a Phase 2 study for cystic fibrosis–related inflammation.