Corbus Pharmaceuticals (NASDAQ:CRBP) Earns “Outperform” Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a report published on Monday morning, RTT News reports. Wedbush currently has a $51.00 target price on the biopharmaceutical company’s stock.

A number of other equities analysts have also recently issued reports on the stock. B. Riley cut their price objective on shares of Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. Lifesci Capital upgraded Corbus Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $82.00 target price on shares of Corbus Pharmaceuticals in a report on Friday, September 20th. Oppenheimer boosted their price target on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, StockNews.com downgraded shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Corbus Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $65.86.

Corbus Pharmaceuticals Stock Performance

Shares of Corbus Pharmaceuticals stock opened at $18.31 on Monday. The stock’s 50-day moving average is $31.46 and its 200 day moving average is $42.46. Corbus Pharmaceuticals has a one year low of $3.03 and a one year high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) EPS for the quarter, topping the consensus estimate of ($1.19) by $0.29. Analysts expect that Corbus Pharmaceuticals will post -3.8 EPS for the current fiscal year.

Insider Transactions at Corbus Pharmaceuticals

In other news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average cost of $20.01 per share, with a total value of $7,003,500.00. Following the completion of the transaction, the insider now directly owns 2,375,000 shares of the company’s stock, valued at approximately $47,523,750. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in shares of Corbus Pharmaceuticals during the 3rd quarter valued at $151,000. Rhumbline Advisers purchased a new stake in Corbus Pharmaceuticals during the second quarter worth about $638,000. Acadian Asset Management LLC bought a new stake in Corbus Pharmaceuticals in the second quarter worth about $716,000. ClariVest Asset Management LLC purchased a new position in Corbus Pharmaceuticals in the second quarter valued at about $725,000. Finally, Victory Capital Management Inc. bought a new position in shares of Corbus Pharmaceuticals during the 2nd quarter valued at approximately $862,000. 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.