Royal Bank of Canada Reiterates “Outperform” Rating for Corbus Pharmaceuticals (NASDAQ:CRBP)

Royal Bank of Canada reaffirmed their outperform rating on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a report published on Friday morning, Benzinga reports. Royal Bank of Canada currently has a $82.00 price target on the biopharmaceutical company’s stock.

Several other equities research analysts have also issued reports on the stock. Oppenheimer lifted their price target on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an outperform rating in a research note on Wednesday, August 7th. Wedbush started coverage on shares of Corbus Pharmaceuticals in a research note on Tuesday, July 30th. They set an outperform rating and a $85.00 price objective on the stock. Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a strong-buy rating in a research note on Wednesday, August 21st. HC Wainwright restated a buy rating and set a $80.00 price objective on shares of Corbus Pharmaceuticals in a research note on Tuesday, August 6th. Finally, B. Riley started coverage on shares of Corbus Pharmaceuticals in a research note on Wednesday, June 26th. They set a buy rating and a $85.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Corbus Pharmaceuticals currently has an average rating of Moderate Buy and an average target price of $65.86.

Corbus Pharmaceuticals Stock Down 2.7 %

Shares of NASDAQ:CRBP opened at $18.99 on Friday. Corbus Pharmaceuticals has a 12 month low of $3.03 and a 12 month high of $61.90. The company’s fifty day simple moving average is $54.22 and its 200 day simple moving average is $46.96. The firm has a market cap of $202.95 million, a price-to-earnings ratio of -2.73 and a beta of 2.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) EPS for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.29. Research analysts expect that Corbus Pharmaceuticals will post -3.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Rhumbline Advisers bought a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter valued at $638,000. Acadian Asset Management LLC bought a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter valued at $716,000. ClariVest Asset Management LLC bought a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter valued at $725,000. Victory Capital Management Inc. bought a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter valued at $862,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Corbus Pharmaceuticals by 100.7% during the second quarter. The Manufacturers Life Insurance Company now owns 21,131 shares of the biopharmaceutical company’s stock worth $956,000 after acquiring an additional 10,604 shares in the last quarter. 64.64% of the stock is owned by 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.