Oppenheimer Lowers Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $53.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price cut by analysts at Oppenheimer from $56.00 to $53.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s price target suggests a potential upside of 488.89% from the stock’s current price.

A number of other analysts have also recently commented on CRBP. Royal Bank Of Canada lowered their price target on Corbus Pharmaceuticals from $65.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a “strong-buy” rating in a report on Saturday, July 12th. B. Riley upgraded shares of Corbus Pharmaceuticals to a “strong-buy” rating and set a $28.00 target price on the stock in a report on Wednesday, July 30th. Finally, HC Wainwright reduced their price target on shares of Corbus Pharmaceuticals from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $49.00.

Corbus Pharmaceuticals Stock Performance

Shares of Corbus Pharmaceuticals stock opened at $9.00 on Wednesday. The firm has a fifty day moving average of $8.46 and a two-hundred day moving average of $7.76. The stock has a market capitalization of $110.34 million, a price-to-earnings ratio of -1.89 and a beta of 3.20. Corbus Pharmaceuticals has a 52 week low of $4.64 and a 52 week high of $61.89.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.44) EPS for the quarter, beating analysts’ consensus estimates of ($1.55) by $0.11. As a group, research analysts forecast that Corbus Pharmaceuticals will post -4.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Large investors have recently made changes to their positions in the stock. Orbimed Advisors LLC lifted its position in Corbus Pharmaceuticals by 28.5% in the 4th 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 raised its holdings in shares of Corbus Pharmaceuticals by 215.0% in the fourth quarter. Millennium Management LLC now owns 386,653 shares of the biopharmaceutical company’s stock valued at $4,563,000 after purchasing an additional 263,902 shares during the last quarter. Altium Capital Management LLC lifted its position in shares of Corbus Pharmaceuticals by 97.4% in the fourth quarter. Altium Capital Management LLC now owns 385,000 shares of the biopharmaceutical company’s stock worth $4,543,000 after purchasing an additional 190,000 shares in the last quarter. Exome Asset Management LLC bought a new stake in shares of Corbus Pharmaceuticals in the first quarter worth $1,538,000. Finally, Prosight Management LP boosted its holdings in Corbus Pharmaceuticals by 107.7% during the fourth quarter. Prosight Management LP now owns 270,000 shares of the biopharmaceutical company’s stock worth $3,186,000 after purchasing an additional 140,000 shares during the last quarter. Institutional investors own 64.64% of the company’s stock.

Corbus Pharmaceuticals Company Profile

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.