Corbus Pharmaceuticals (NASDAQ:CRBP) Lifted to “Hold” at StockNews.com

StockNews.com upgraded shares of Corbus Pharmaceuticals (NASDAQ:CRBP) from a sell rating to a hold rating in a research report released on Thursday.

CRBP has been the topic of several other reports. Wedbush initiated coverage on shares of Corbus Pharmaceuticals in a research note on Tuesday, July 30th. They set an outperform rating and a $85.00 price target on the stock. Oppenheimer reissued an outperform rating and set a $80.00 price target on shares of Corbus Pharmaceuticals in a research note on Wednesday, July 10th. Royal Bank of Canada lifted their target price on shares of Corbus Pharmaceuticals from $77.00 to $82.00 and gave the stock an outperform rating in a research note on Tuesday, June 11th. HC Wainwright reaffirmed a buy rating and issued a $80.00 target price on shares of Corbus Pharmaceuticals in a research note on Monday, July 22nd. Finally, B. Riley began coverage on shares of Corbus Pharmaceuticals in a research note on Wednesday, June 26th. They issued a buy rating and a $85.00 target price on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $76.33.

Corbus Pharmaceuticals Price Performance

Shares of Corbus Pharmaceuticals stock opened at $56.66 on Thursday. Corbus Pharmaceuticals has a 1 year low of $3.03 and a 1 year high of $61.90. The firm has a market cap of $605.70 million, a PE ratio of -8.14 and a beta of 2.59. The company has a 50 day simple moving average of $50.20 and a two-hundred day simple moving average of $39.29.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.09) by $0.26. As a group, research analysts anticipate that Corbus Pharmaceuticals will post -4.68 earnings per share for the current year.

Insider Buying and Selling

In other Corbus Pharmaceuticals news, CFO Sean F. Moran sold 9,355 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $49.87, for a total value of $466,533.85. Following the completion of the transaction, the chief financial officer now owns 48,605 shares of the company’s stock, valued at approximately $2,423,931.35. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Corbus Pharmaceuticals news, CFO Sean F. Moran sold 1,958 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $42.12, for a total value of $82,470.96. Following the completion of the transaction, the chief financial officer now owns 48,605 shares of the company’s stock, valued at approximately $2,047,242.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sean F. Moran sold 9,355 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $49.87, for a total value of $466,533.85. Following the completion of the transaction, the chief financial officer now directly owns 48,605 shares of the company’s stock, valued at approximately $2,423,931.35. The disclosure for this sale can be found here. Insiders have sold a total of 51,733 shares of company stock worth $2,530,799 in the last quarter. 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 made changes to their positions in the business. Rhumbline Advisers bought a new position in shares of Corbus Pharmaceuticals in the second quarter worth approximately $638,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Corbus Pharmaceuticals during the 1st quarter valued at $976,000. Bank of New York Mellon Corp purchased a new position in shares of Corbus Pharmaceuticals during the 2nd quarter valued at $1,368,000. TD Asset Management Inc lifted its stake in shares of Corbus Pharmaceuticals by 92.5% during the 2nd quarter. TD Asset Management Inc now owns 40,800 shares of the biopharmaceutical company’s stock valued at $1,846,000 after buying an additional 19,600 shares in the last quarter. Finally, Altitude Crest Partners Inc. purchased a new position in shares of Corbus Pharmaceuticals during the 1st quarter valued at $4,069,000. 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.