Corbus Pharmaceuticals (NASDAQ:CRBP) Trading Down 9%

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) was down 9% during mid-day trading on Wednesday . The company traded as low as $47.83 and last traded at $48.19. Approximately 243,819 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 544,168 shares. The stock had previously closed at $52.94.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CRBP shares. B. Riley started coverage on shares of Corbus Pharmaceuticals in a report on Wednesday, June 26th. They issued a “buy” rating and a $85.00 price objective for the company. Oppenheimer upped their price target on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday. Wedbush began coverage on shares of Corbus Pharmaceuticals in a report on Tuesday, July 30th. They set an “outperform” rating and a $85.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $82.00 price target on shares of Corbus Pharmaceuticals in a report on Wednesday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Corbus Pharmaceuticals in a report on Tuesday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.67.

Corbus Pharmaceuticals Stock Performance

The firm has a market cap of $516.18 million, a P/E ratio of -7.03 and a beta of 2.59. The company’s 50 day moving average is $50.60 and its 200 day moving average is $40.18.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.19) by $0.29. On average, equities research analysts anticipate that Corbus Pharmaceuticals Holdings, Inc. will post -4.68 EPS for the current year.

Insider Buying and Selling at Corbus Pharmaceuticals

In other Corbus Pharmaceuticals news, CFO Sean F. Moran sold 9,355 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $49.87, for a total value of $466,533.85. Following the completion of the transaction, the chief financial officer now directly owns 48,605 shares in the company, valued at approximately $2,423,931.35. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Yuval Cohen sold 29,317 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $50.17, for a total transaction of $1,470,833.89. Following the completion of the sale, the chief executive officer now directly owns 84,400 shares in the company, valued at $4,234,348. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Sean F. Moran sold 9,355 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $49.87, for a total transaction of $466,533.85. Following the sale, the chief financial officer now owns 48,605 shares of the company’s stock, valued at $2,423,931.35. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,733 shares of company stock worth $2,530,799. 4.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

A number of large investors have recently bought and sold shares of the stock. Rhumbline Advisers acquired a new stake in Corbus Pharmaceuticals in the second quarter worth $638,000. Acadian Asset Management LLC acquired a new stake in Corbus Pharmaceuticals in the second quarter worth $716,000. Victory Capital Management Inc. acquired a new stake in Corbus Pharmaceuticals in the second quarter worth $862,000. TD Asset Management Inc grew its holdings in Corbus Pharmaceuticals by 92.5% in the second quarter. TD Asset Management Inc now owns 40,800 shares of the biopharmaceutical company’s stock worth $1,846,000 after purchasing an additional 19,600 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Corbus Pharmaceuticals in the first quarter worth $976,000. 64.64% of the stock is currently owned by institutional investors and hedge funds.

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.