Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price Passes Above 50-Day Moving Average – What’s Next?

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) shares crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $8.75 and traded as high as $9.36. Corbus Pharmaceuticals shares last traded at $9.17, with a volume of 172,702 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently commented on CRBP shares. Wall Street Zen upgraded Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. Wedbush lowered 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 report on Wednesday, May 27th. Oppenheimer reduced their price objective on shares of Corbus Pharmaceuticals from $54.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 17th. Mizuho cut their price target on Corbus Pharmaceuticals from $44.00 to $34.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Friday, July 17th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Corbus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.67.

Corbus Pharmaceuticals Stock Performance

The company has a market capitalization of $169.92 million, a P/E ratio of -1.58 and a beta of 2.55. The stock’s fifty day moving average price is $8.75 and its 200-day moving average price is $8.97.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) EPS for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.03. On average, research analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. Persistent Asset Partners Ltd bought a new stake in Corbus Pharmaceuticals in the 4th quarter valued at $54,000. Virtu Financial LLC acquired a new position in shares of Corbus Pharmaceuticals in the fourth quarter valued at about $88,000. Barclays PLC increased its position in Corbus Pharmaceuticals by 280.0% during the fourth quarter. Barclays PLC now owns 14,758 shares of the biopharmaceutical company’s stock worth $120,000 after acquiring an additional 10,874 shares during the period. ADAR1 Capital Management LLC bought a new position in Corbus Pharmaceuticals during the third quarter worth about $129,000. Finally, Bank of America Corp DE raised its stake in Corbus Pharmaceuticals by 53,592.3% in the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock worth $131,000 after purchasing an additional 13,934 shares in the last quarter. Institutional investors own 64.64% of the company’s stock.

About Corbus Pharmaceuticals

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.