Wedbush Cuts Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $51.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective reduced by equities researchers at Wedbush from $85.00 to $51.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Wedbush’s price target would indicate a potential upside of 161.40% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $82.00 price objective on shares of Corbus Pharmaceuticals in a report on Friday. HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Corbus Pharmaceuticals in a report on Tuesday, August 6th. StockNews.com cut Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. Oppenheimer raised their target price on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, B. Riley began coverage on Corbus Pharmaceuticals in a research note on Wednesday, June 26th. They issued a “buy” rating and a $85.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.86.

Corbus Pharmaceuticals Price Performance

CRBP opened at $19.51 on Friday. The stock’s 50 day simple moving average is $55.03 and its 200 day simple moving average is $47.01. 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 $208.50 million, a price-to-earnings ratio of -2.80 and a beta of 2.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.19) by $0.29. As a group, sell-side analysts anticipate that Corbus Pharmaceuticals will post -3.77 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised 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 valued at $956,000 after buying an additional 10,604 shares during the last quarter. Darwin Global Management Ltd. purchased a new position in Corbus Pharmaceuticals during the second quarter valued at $14,267,000. Integral Health Asset Management LLC purchased a new position in Corbus Pharmaceuticals during the second quarter valued at $4,525,000. HighVista Strategies LLC purchased a new position in Corbus Pharmaceuticals during the second quarter valued at $1,755,000. Finally, ClariVest Asset Management LLC purchased a new position in Corbus Pharmaceuticals during the second quarter valued at $725,000. Hedge funds and other 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.