Corbus Pharmaceuticals (NASDAQ:CRBP) Receives “Buy” Rating from Guggenheim

Guggenheim restated their buy rating on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a $45.00 price objective on the biopharmaceutical company’s stock.

A number of other analysts also recently issued reports on the company. Jefferies Financial Group dropped their price target on Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Monday, April 20th. Oppenheimer raised their price objective on shares of Corbus Pharmaceuticals from $53.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, March 10th. Finally, Wall Street Zen upgraded shares of Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, Corbus Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $42.33.

Corbus Pharmaceuticals Stock Up 6.3%

NASDAQ:CRBP opened at $12.15 on Wednesday. The stock has a market cap of $215.54 million, a P/E ratio of -2.09 and a beta of 2.68. The business’s 50-day moving average price is $9.77 and its two-hundred day moving average price is $9.66. Corbus Pharmaceuticals has a twelve month low of $6.72 and a twelve month high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.03. On average, equities research analysts expect that Corbus Pharmaceuticals will post -4.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of large investors have recently modified their holdings of CRBP. AQR Capital Management LLC purchased a new position in shares of Corbus Pharmaceuticals during the 1st quarter valued at about $573,000. Marshall Wace LLP purchased a new position in shares of Corbus Pharmaceuticals during the 2nd quarter valued at about $137,000. Bank of America Corp DE raised its holdings in shares of Corbus Pharmaceuticals by 333.6% during the 2nd quarter. Bank of America Corp DE now owns 71,893 shares of the biopharmaceutical company’s stock valued at $496,000 after buying an additional 55,314 shares in the last quarter. Aberdeen Group plc raised its holdings in shares of Corbus Pharmaceuticals by 160.6% during the 3rd quarter. Aberdeen Group plc now owns 188,231 shares of the biopharmaceutical company’s stock valued at $2,381,000 after buying an additional 116,005 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Corbus Pharmaceuticals by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 612,030 shares of the biopharmaceutical company’s stock worth $7,742,000 after purchasing an additional 12,535 shares during the period. 64.64% of the stock is owned by hedge funds and other 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.