Brokerages Set Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) PT at $42.00

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) has earned a consensus rating of “Moderate Buy” from the twelve research firms that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $42.00.

Several brokerages have recently issued reports on CRBP. Wall Street Zen upgraded Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Mizuho lifted their price objective on Corbus Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, May 22nd. Oppenheimer decreased their price objective on Corbus Pharmaceuticals from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Wedbush decreased their price objective on Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Finally, Jefferies Financial Group decreased their price objective on Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th.

Insider Activity

In related news, insider Nishant C. Saxena acquired 9,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was acquired at an average price of $7.58 per share, for a total transaction of $68,220.00. Following the purchase, the insider owned 75,300 shares of the company’s stock, valued at $570,774. This represents a 13.57% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in CRBP. Assenagon Asset Management S.A. raised its position in shares of Corbus Pharmaceuticals by 120.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 187,956 shares of the biopharmaceutical company’s stock worth $1,530,000 after acquiring an additional 102,609 shares in the last quarter. Aberdeen Group plc raised its position in shares of 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 in the last quarter. HighVista Strategies LLC raised its position in shares of 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 in the last quarter. Bank of America Corp DE raised its position in shares of Corbus Pharmaceuticals by 53,592.3% during the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock worth $131,000 after acquiring an additional 13,934 shares in the last quarter. Finally, Royal Bank of Canada raised its position in shares of Corbus Pharmaceuticals by 81.2% during the 1st quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company’s stock worth $281,000 after acquiring an additional 13,401 shares in the last quarter. Hedge funds and other institutional investors own 64.64% of the company’s stock.

Corbus Pharmaceuticals Price Performance

Shares of Corbus Pharmaceuticals stock opened at $7.38 on Thursday. The business has a 50-day moving average of $9.86 and a 200 day moving average of $9.28. Corbus Pharmaceuticals has a 12 month low of $6.72 and a 12 month high of $20.56. The stock has a market capitalization of $136.75 million, a price-to-earnings ratio of -1.27 and a beta of 2.57.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) EPS for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.03. Equities research analysts anticipate that Corbus Pharmaceuticals will post -4.87 earnings per share for the current year.

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.