Corbus Pharmaceuticals (NASDAQ:CRBP) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Corbus Pharmaceuticals (NASDAQ:CRBP) released its earnings results on Tuesday. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.26) by $0.03, FiscalAI reports.

Corbus Pharmaceuticals Price Performance

CRBP stock traded up $0.27 during mid-day trading on Tuesday, reaching $11.31. The company had a trading volume of 70,713 shares, compared to its average volume of 218,200. The company has a market capitalization of $200.64 million, a PE ratio of -1.90 and a beta of 2.68. The firm has a 50 day moving average of $9.64 and a 200 day moving average of $9.74. Corbus Pharmaceuticals has a 12 month low of $6.72 and a 12 month high of $20.56.

Analyst Ratings Changes

Several brokerages recently commented on CRBP. Guggenheim started coverage on shares of Corbus Pharmaceuticals in a report on Wednesday, April 29th. They set a “buy” rating and a $45.00 price target on the stock. Oppenheimer boosted their target price on Corbus Pharmaceuticals from $53.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, March 10th. Wall Street Zen raised Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Jefferies Financial Group upgraded Corbus Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research note on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.88.

Institutional Trading of Corbus Pharmaceuticals

A number of large investors have recently modified their holdings of the company. Persistent Asset Partners Ltd bought a new position in Corbus Pharmaceuticals in the fourth quarter worth approximately $54,000. Virtu Financial LLC purchased a new position in Corbus Pharmaceuticals during the 4th quarter worth $88,000. Barclays PLC raised its position in Corbus Pharmaceuticals by 280.0% during the 4th quarter. Barclays PLC now owns 14,758 shares of the biopharmaceutical company’s stock valued at $120,000 after purchasing an additional 10,874 shares in the last quarter. ADAR1 Capital Management LLC bought a new stake in Corbus Pharmaceuticals during the 3rd quarter valued at $129,000. Finally, Marshall Wace LLP purchased a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter worth $137,000. Hedge funds and other institutional investors own 64.64% of the company’s stock.

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.