Corbus Pharmaceuticals (NASDAQ:CRBP) Earns Overweight Rating from Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a research note issued on Monday,Benzinga reports. The firm set an “overweight” rating and a $35.00 price target on the biopharmaceutical company’s stock. Piper Sandler’s price objective indicates a potential upside of 96.41% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. B. Riley lowered their target price on Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Lifesci Capital upgraded Corbus Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, August 21st. Wedbush reissued an “outperform” rating and set a $51.00 price objective on shares of Corbus Pharmaceuticals in a research note on Monday, November 4th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Corbus Pharmaceuticals in a research note on Monday, September 23rd. Finally, StockNews.com cut shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Corbus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Corbus Pharmaceuticals Stock Up 1.0 %

Shares of NASDAQ:CRBP opened at $17.82 on Monday. The company’s fifty day moving average is $18.20 and its 200 day moving average is $39.60. Corbus Pharmaceuticals has a 52 week low of $4.76 and a 52 week high of $61.90. The stock has a market cap of $217.05 million, a PE ratio of -3.80 and a beta of 2.56.

Insider Transactions at Corbus Pharmaceuticals

In other news, major shareholder Cormorant Asset Management, Lp bought 350,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was purchased at an average price of $20.01 per share, with a total value of $7,003,500.00. Following the transaction, the insider now owns 2,375,000 shares of the company’s stock, valued at approximately $47,523,750. The trade was a 17.28 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Darwin Global Management Ltd. purchased a new position in Corbus Pharmaceuticals during the 2nd quarter valued at about $14,267,000. Vanguard Group Inc. lifted its holdings in shares of Corbus Pharmaceuticals by 143.7% during the first quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after purchasing an additional 257,808 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of Corbus Pharmaceuticals in the 1st quarter worth approximately $7,554,000. State Street Corp grew its stake in shares of Corbus Pharmaceuticals by 34.6% in the 3rd quarter. State Street Corp now owns 595,576 shares of the biopharmaceutical company’s stock worth $12,287,000 after buying an additional 153,243 shares during the last quarter. Finally, Integral Health Asset Management LLC bought a new position in Corbus Pharmaceuticals during the 2nd quarter valued at approximately $4,525,000. 64.64% of the stock is owned by hedge funds and other institutional investors.

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.