Brokerages Set Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Target Price at $40.67

Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) have been given an average recommendation of “Moderate Buy” by the eleven brokerages that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation and nine have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $40.6667.

CRBP has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered their price target on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Wall Street Zen raised shares of Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. Oppenheimer decreased their price objective on shares of Corbus Pharmaceuticals from $54.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, June 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Monday, April 20th. Finally, Wedbush cut their price target on Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th.

Corbus Pharmaceuticals Stock Performance

Corbus Pharmaceuticals stock opened at $9.01 on Friday. Corbus Pharmaceuticals has a 12 month low of $7.12 and a 12 month high of $20.56. The stock’s 50 day simple moving average is $9.00 and its two-hundred day simple moving average is $8.94. The firm has a market cap of $166.96 million, a PE ratio of -1.55 and a beta of 2.55.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) EPS for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.03. On average, equities research analysts forecast that Corbus Pharmaceuticals will post -4.87 EPS for the current year.

Insider Buying and Selling

In other Corbus Pharmaceuticals news, insider Nishant C. Saxena bought 9,000 shares of Corbus Pharmaceuticals stock in a transaction dated Wednesday, June 3rd. The stock was acquired at an average cost of $7.58 per share, with a total value of $68,220.00. Following the purchase, the insider directly owned 75,300 shares in the company, valued at $570,774. This represents a 13.57% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John Kenneth Jenkins sold 4,800 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total value of $37,968.00. Following the transaction, the director directly owned 3,833 shares of the company’s stock, valued at approximately $30,319.03. The trade was a 55.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,238 shares of company stock worth $73,073 in the last quarter. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Orbimed Advisors LLC raised its position in Corbus Pharmaceuticals by 8.8% during the first quarter. Orbimed Advisors LLC now owns 1,737,287 shares of the biopharmaceutical company’s stock worth $16,313,000 after acquiring an additional 140,000 shares during the period. Aberdeen Group plc grew its position in shares of Corbus Pharmaceuticals by 602.2% in the fourth quarter. Aberdeen Group plc now owns 1,321,750 shares of the biopharmaceutical company’s stock valued at $10,759,000 after purchasing an additional 1,133,519 shares during the period. Prosight Management LP increased its stake in shares of Corbus Pharmaceuticals by 99.1% during the fourth quarter. Prosight Management LP now owns 683,872 shares of the biopharmaceutical company’s stock worth $5,567,000 after purchasing an additional 340,472 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Corbus Pharmaceuticals by 2.1% during the third quarter. Vanguard Group Inc. now owns 612,030 shares of the biopharmaceutical company’s stock worth $7,742,000 after purchasing an additional 12,535 shares in the last quarter. Finally, Armistice Capital LLC raised its position in shares of Corbus Pharmaceuticals by 179.2% during the 4th quarter. Armistice Capital LLC now owns 536,000 shares of the biopharmaceutical company’s stock worth $4,363,000 after purchasing an additional 344,000 shares during the last quarter. Institutional investors and hedge funds own 64.64% of the company’s stock.

Corbus Pharmaceuticals Company Profile

Corbus Pharmaceuticals Holdings, Inc is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of therapeutic candidates for rare, life-threatening inflammatory and fibrotic diseases. The company’s lead investigational therapy, lenabasum, is a synthetic, oral cannabinoid receptor type 2 (CB2) agonist designed to resolve chronic inflammation by harnessing the body’s innate resolution pathways. Corbus operates by advancing small-molecule compounds through preclinical and clinical studies to address unmet medical needs in autoimmune and inflammatory disorders.

Lenabasum is currently under evaluation in a Phase 3 clinical trial for diffuse cutaneous systemic sclerosis (dcSSc) and in a Phase 2 study for cystic fibrosis–related inflammation.