Corbus Pharmaceuticals (NASDAQ:CRBP) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a report released on Tuesday.
Several other brokerages also recently issued reports on CRBP. Cantor Fitzgerald reiterated an “overweight” rating and issued a $38.00 price objective (up previously from $36.00) on shares of Corbus Pharmaceuticals in a research report on Friday, January 11th. ValuEngine upgraded Corbus Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 31st. HC Wainwright restated a “buy” rating and set a $24.00 target price on shares of Corbus Pharmaceuticals in a research report on Friday, January 4th. Zacks Investment Research upgraded Corbus Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $7.50 target price for the company in a research report on Thursday, March 14th. Finally, Royal Bank of Canada assumed coverage on Corbus Pharmaceuticals in a research report on Friday, December 7th. They set an “outperform” rating and a $23.00 target price for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $24.36.
Shares of CRBP stock opened at $7.26 on Tuesday. Corbus Pharmaceuticals has a one year low of $4.50 and a one year high of $9.11.
Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings results on Tuesday, March 12th. The biopharmaceutical company reported ($0.30) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.07). Corbus Pharmaceuticals had a negative net margin of 1,154.52% and a negative return on equity of 116.34%. The company had revenue of $1.93 million during the quarter, compared to analyst estimates of $1.99 million. Equities analysts predict that Corbus Pharmaceuticals will post -0.87 EPS for the current year.
In other news, insider Barbara White bought 4,638 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $6.47 per share, for a total transaction of $30,007.86. Following the completion of the transaction, the insider now directly owns 184,159 shares in the company, valued at approximately $1,191,508.73. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have bought 8,668 shares of company stock valued at $56,923. 12.60% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRBP. Geode Capital Management LLC boosted its holdings in shares of Corbus Pharmaceuticals by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 542,722 shares of the biopharmaceutical company’s stock valued at $3,169,000 after acquiring an additional 28,582 shares in the last quarter. Millennium Management LLC raised its position in Corbus Pharmaceuticals by 331.4% during the 4th quarter. Millennium Management LLC now owns 130,245 shares of the biopharmaceutical company’s stock worth $761,000 after purchasing an additional 100,051 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in Corbus Pharmaceuticals by 357.7% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 16,973 shares of the biopharmaceutical company’s stock worth $99,000 after purchasing an additional 13,265 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new position in Corbus Pharmaceuticals during the 4th quarter worth $3,125,000. Finally, Bank of America Corp DE raised its position in Corbus Pharmaceuticals by 6.7% during the 4th quarter. Bank of America Corp DE now owns 37,304 shares of the biopharmaceutical company’s stock worth $218,000 after purchasing an additional 2,335 shares during the last quarter. Institutional investors and hedge funds own 40.27% of the company’s stock.
About Corbus Pharmaceuticals
Corbus Pharmaceuticals Holdings, Inc, a clinical-stage pharmaceutical company, focuses on the development and commercialization of various therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. Its lead product candidate is lenabasum, a synthetic oral endocannabinoid-mimetic drug to resolve chronic inflammation and fibrotic processes in systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus diseases.
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