Royal Bank Of Canada Lowers Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $53.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective lowered by stock analysts at Royal Bank Of Canada from $55.00 to $53.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 380.94% from the stock’s current price.

Several other research firms also recently weighed in on CRBP. HC Wainwright reaffirmed a “buy” rating and issued a $40.00 target price on shares of Corbus Pharmaceuticals in a research report on Monday, October 20th. Piper Sandler reissued an “overweight” rating and issued a $51.00 price objective on shares of Corbus Pharmaceuticals in a research note on Monday, October 20th. Benchmark reaffirmed a “reduce” rating on shares of Corbus Pharmaceuticals in a research note on Monday, October 20th. Wedbush increased their target price on shares of Corbus Pharmaceuticals from $31.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Finally, Oppenheimer decreased their price target on shares of Corbus Pharmaceuticals from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.38.

Corbus Pharmaceuticals Stock Down 1.5%

NASDAQ:CRBP traded down $0.17 during trading hours on Thursday, reaching $11.02. 129,932 shares of the stock were exchanged, compared to its average volume of 226,260. Corbus Pharmaceuticals has a twelve month low of $4.64 and a twelve month high of $20.56. The business has a 50-day moving average of $13.32 and a two-hundred day moving average of $10.09. The company has a market capitalization of $135.05 million, a price-to-earnings ratio of -2.31 and a beta of 2.69.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings data on Wednesday, November 12th. The biopharmaceutical company reported ($1.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.80) by ($0.10). On average, research analysts forecast that Corbus Pharmaceuticals will post -4.23 EPS for the current fiscal year.

Insider Buying and Selling

In other Corbus Pharmaceuticals news, CFO Sean F. Moran sold 12,981 shares of the firm’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $17.02, for a total value of $220,936.62. Following the sale, the chief financial officer directly owned 73,313 shares in the company, valued at $1,247,787.26. This trade represents a 15.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Yuval Cohen sold 8,973 shares of Corbus Pharmaceuticals stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $17.14, for a total value of $153,797.22. Following the sale, the chief executive officer directly owned 138,187 shares of the company’s stock, valued at $2,368,525.18. This trade represents a 6.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 41,674 shares of company stock worth $713,870. Insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Corton Capital Inc. acquired a new stake in shares of Corbus Pharmaceuticals during the second quarter worth $86,000. Marshall Wace LLP acquired a new position in shares of Corbus Pharmaceuticals during the second quarter worth about $137,000. Baker Avenue Asset Management LP purchased a new position in Corbus Pharmaceuticals during the second quarter worth about $138,000. Y Intercept Hong Kong Ltd acquired a new stake in Corbus Pharmaceuticals in the second quarter valued at about $141,000. Finally, Stonepine Capital Management LLC purchased a new stake in Corbus Pharmaceuticals in the 1st quarter valued at approximately $186,000. Institutional investors and hedge funds 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.