Corbus Pharmaceuticals (NASDAQ:CRBP) Shares Cross Below 200-Day Moving Average – Here’s Why

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $8.99 and traded as low as $8.02. Corbus Pharmaceuticals shares last traded at $8.26, with a volume of 297,769 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CRBP. Weiss Ratings reiterated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a report on Monday, April 20th. Jefferies Financial Group reduced their price target 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. Guggenheim restated a “buy” rating on shares of Corbus Pharmaceuticals in a research note on Tuesday, May 26th. Mizuho upped their price objective on shares of Corbus Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, May 22nd. Finally, Wall Street Zen raised shares of Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $41.78.

Corbus Pharmaceuticals Stock Performance

The business has a fifty day simple moving average of $9.51 and a 200 day simple moving average of $8.98. The stock has a market capitalization of $153.04 million, a P/E ratio of -1.42 and a beta of 2.57.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) EPS for the quarter, topping the consensus estimate of ($1.26) by $0.03. As a group, research analysts forecast that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Nishant C. Saxena bought 9,000 shares of Corbus Pharmaceuticals stock in a transaction dated Wednesday, June 3rd. The stock was purchased at an average price of $7.58 per share, for a total transaction of $68,220.00. Following the purchase, the insider directly owned 75,300 shares in the company, valued at $570,774. The trade was 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. Also, Director John Kenneth Jenkins sold 4,800 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total transaction of $37,968.00. Following the completion of the sale, the director owned 3,833 shares of the company’s stock, valued at approximately $30,319.03. The trade was a 55.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 9,238 shares of company stock valued at $73,073 over the last three months. 3.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the company. Persistent Asset Partners Ltd bought a new position in shares of Corbus Pharmaceuticals during the 4th quarter worth approximately $54,000. ADAR1 Capital Management LLC purchased a new position in shares of Corbus Pharmaceuticals in the 3rd quarter worth approximately $129,000. Virtu Financial LLC bought a new position in shares of Corbus Pharmaceuticals in the fourth quarter valued at approximately $88,000. Bank of America Corp DE grew its holdings in shares of Corbus Pharmaceuticals by 53,592.3% in the first quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock valued at $131,000 after acquiring an additional 13,934 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Corbus Pharmaceuticals by 280.0% during the fourth quarter. Barclays PLC now owns 14,758 shares of the biopharmaceutical company’s stock valued at $120,000 after acquiring an additional 10,874 shares during the last quarter. 64.64% of the stock is 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.