Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target Lowered to $48.00 at Oppenheimer

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price lowered by Oppenheimer from $52.00 to $48.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the biopharmaceutical company’s stock.

A number of other research firms also recently weighed in on CRBP. HC Wainwright reduced their price target on Corbus Pharmaceuticals from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Friday. Wedbush lowered their price objective on shares of Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Jefferies Financial Group cut their price objective on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Wall Street Zen raised shares of Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research note on Friday, July 17th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.12.

Corbus Pharmaceuticals Price Performance

Shares of Corbus Pharmaceuticals stock opened at $10.17 on Friday. The firm has a market cap of $188.45 million, a price-to-earnings ratio of -1.64 and a beta of 2.59. The stock’s 50-day moving average is $8.72 and its 200-day moving average is $9.05. Corbus Pharmaceuticals has a one year low of $7.12 and a one year high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings data on Tuesday, August 11th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($1.26) by ($0.55). On average, equities analysts expect that Corbus Pharmaceuticals will post -4.87 EPS for the current year.

Insider Buying and Selling

In related news, insider Nishant C. Saxena acquired 9,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were bought 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 approximately $570,774. This trade represents a 13.57% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Kenneth Jenkins sold 4,800 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total value of $37,968.00. Following the sale, the director owned 3,833 shares in the company, valued at approximately $30,319.03. This represents a 55.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 9,238 shares of company stock valued at $73,073. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of Corbus Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Velan Capital Investment Management LP grew its position in shares of Corbus Pharmaceuticals by 3.4% in the 3rd quarter. Velan Capital Investment Management LP now owns 61,000 shares of the biopharmaceutical company’s stock valued at $772,000 after acquiring an additional 2,000 shares during the period. Pale Fire Capital SE raised its holdings in shares of Corbus Pharmaceuticals by 14.5% in the 1st quarter. Pale Fire Capital SE now owns 21,350 shares of the biopharmaceutical company’s stock valued at $200,000 after purchasing an additional 2,700 shares during the period. Mariner LLC raised its holdings in shares of Corbus Pharmaceuticals by 34.0% in the 3rd quarter. Mariner LLC now owns 20,840 shares of the biopharmaceutical company’s stock valued at $264,000 after purchasing an additional 5,289 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Corbus Pharmaceuticals in the 4th quarter valued at about $54,000. Finally, ADAR1 Capital Management LLC bought a new position in Corbus Pharmaceuticals during the third quarter worth about $129,000. 64.64% of the stock is owned by institutional investors.

Corbus Pharmaceuticals Company Profile

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.