Royal Bank of Canada Has Lowered Expectations for Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective cut by Royal Bank of Canada from $65.00 to $58.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock.

A number of other research analysts also recently issued reports on the stock. William Blair began coverage on shares of Corbus Pharmaceuticals in a research report on Friday, February 28th. They issued an “outperform” rating on the stock. Oppenheimer cut their price objective on shares of Corbus Pharmaceuticals from $60.00 to $56.00 and set an “outperform” rating on the stock in a research note on Wednesday. Wedbush reiterated an “outperform” rating and set a $51.00 price target on shares of Corbus Pharmaceuticals in a research report on Wednesday, March 12th. StockNews.com upgraded Corbus Pharmaceuticals to a “sell” rating in a research note on Thursday, March 6th. Finally, Jefferies Financial Group reduced their price target on shares of Corbus Pharmaceuticals from $70.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Corbus Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.88.

Corbus Pharmaceuticals Stock Up 8.2 %

Corbus Pharmaceuticals stock opened at $6.63 on Wednesday. The company’s 50-day moving average price is $6.33 and its 200-day moving average price is $10.93. Corbus Pharmaceuticals has a twelve month low of $4.64 and a twelve month high of $61.90. The company has a market cap of $81.10 million, a PE ratio of -1.41 and a beta of 3.19.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.26) by ($0.13). As a group, sell-side analysts expect that Corbus Pharmaceuticals will post -4.23 earnings per share for the current fiscal year.

Institutional Trading of Corbus Pharmaceuticals

Institutional investors have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in Corbus Pharmaceuticals by 215.0% during the fourth quarter. Millennium Management LLC now owns 386,653 shares of the biopharmaceutical company’s stock worth $4,563,000 after buying an additional 263,902 shares during the period. Orbimed Advisors LLC increased its holdings in Corbus Pharmaceuticals by 28.5% in the fourth quarter. Orbimed Advisors LLC now owns 1,172,287 shares of the biopharmaceutical company’s stock valued at $13,833,000 after buying an additional 259,735 shares during the last quarter. Altium Capital Management LLC increased its holdings in shares of Corbus Pharmaceuticals by 97.4% in the 4th quarter. Altium Capital Management LLC now owns 385,000 shares of the biopharmaceutical company’s stock valued at $4,543,000 after acquiring an additional 190,000 shares during the last quarter. Prosight Management LP grew its position in shares of Corbus Pharmaceuticals by 107.7% in the 4th quarter. Prosight Management LP now owns 270,000 shares of the biopharmaceutical company’s stock valued at $3,186,000 after buying an additional 140,000 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Corbus Pharmaceuticals by 769.4% during the fourth quarter. Renaissance Technologies LLC now owns 139,100 shares of the biopharmaceutical company’s stock worth $1,641,000 after purchasing an additional 123,100 shares in the last quarter. 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.