Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target Cut to $30.00 by Analysts at Wedbush

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective cut by equities researchers at Wedbush from $38.00 to $30.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Wedbush’s target price would suggest a potential upside of 279.51% from the stock’s current price.

Several other research firms have also issued reports on CRBP. HC Wainwright reissued a “buy” rating and set a $40.00 target price on shares of Corbus Pharmaceuticals in a report on Tuesday. Jefferies Financial Group cut their price objective on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Mizuho increased their price objective on shares of Corbus Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, May 22nd. Wall Street Zen raised shares of Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Corbus Pharmaceuticals Trading Down 0.1%

NASDAQ CRBP opened at $7.91 on Wednesday. The company has a market cap of $146.46 million, a price-to-earnings ratio of -1.40 and a beta of 2.68. The company has a 50 day moving average of $10.02 and a 200-day moving average of $9.40. Corbus Pharmaceuticals has a 1-year low of $6.72 and a 1-year high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (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 -4.83 earnings per share for the current year.

Institutional Trading of Corbus Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its holdings in Corbus Pharmaceuticals by 120.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 187,956 shares of the biopharmaceutical company’s stock valued at $1,530,000 after buying an additional 102,609 shares during the last quarter. Aberdeen Group plc grew its holdings in Corbus Pharmaceuticals by 602.2% during the 4th quarter. Aberdeen Group plc now owns 1,321,750 shares of the biopharmaceutical company’s stock worth $10,759,000 after acquiring an additional 1,133,519 shares during the last quarter. HighVista Strategies LLC grew its holdings in Corbus Pharmaceuticals by 56.8% during the 3rd quarter. HighVista Strategies LLC now owns 118,027 shares of the biopharmaceutical company’s stock worth $1,493,000 after acquiring an additional 42,735 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in Corbus Pharmaceuticals in the 4th quarter valued at approximately $54,000. Finally, Royal Bank of Canada increased its position in Corbus Pharmaceuticals by 81.2% in the 1st quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company’s stock valued at $281,000 after acquiring an additional 13,401 shares during the period. 64.64% of the stock is currently owned by institutional investors.

About Corbus Pharmaceuticals

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.