Oppenheimer Cuts Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $56.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective reduced by Oppenheimer from $60.00 to $56.00 in a report released on Wednesday morning,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

Several other brokerages have also recently issued reports on CRBP. William Blair began coverage on Corbus Pharmaceuticals in a research note on Friday, February 28th. They issued an “outperform” rating on the stock. Jefferies Financial Group decreased their price objective on Corbus Pharmaceuticals from $70.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, March 11th. HC Wainwright cut their target price on shares of Corbus Pharmaceuticals from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday. StockNews.com upgraded shares of Corbus Pharmaceuticals to a “sell” rating in a research note on Thursday, March 6th. Finally, Wedbush reissued an “outperform” rating and issued a $51.00 price objective on shares of Corbus Pharmaceuticals in a research report on Wednesday, March 12th. One equities research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.88.

Corbus Pharmaceuticals Price Performance

NASDAQ CRBP opened at $6.45 on Wednesday. The company has a market cap of $78.90 million, a P/E ratio of -1.38 and a beta of 3.19. The stock has a 50-day moving average of $6.33 and a two-hundred day moving average of $10.85. Corbus Pharmaceuticals has a 1-year low of $4.64 and a 1-year high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.26) by ($0.13). On average, analysts anticipate that Corbus Pharmaceuticals will post -4.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Orbimed Advisors LLC boosted its stake 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 acquiring an additional 259,735 shares in the last quarter. Millennium Management LLC grew its stake in Corbus Pharmaceuticals by 215.0% during the 4th 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 last quarter. Altium Capital Management LLC increased its position in Corbus Pharmaceuticals by 97.4% during the fourth quarter. Altium Capital Management LLC now owns 385,000 shares of the biopharmaceutical company’s stock worth $4,543,000 after buying an additional 190,000 shares during the period. Prosight Management LP lifted its stake in Corbus Pharmaceuticals by 107.7% in the fourth 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, Geode Capital Management LLC boosted its holdings in shares of Corbus Pharmaceuticals by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 263,532 shares of the biopharmaceutical company’s stock valued at $3,110,000 after acquiring an additional 13,773 shares during the period. 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.