Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) – B. Riley boosted their FY2022 earnings estimates for shares of Corbus Pharmaceuticals in a report issued on Wednesday, March 20th. B. Riley analyst G. Zavoico now expects that the biopharmaceutical company will post earnings per share of $3.53 for the year, up from their previous estimate of $3.25. B. Riley also issued estimates for Corbus Pharmaceuticals’ FY2023 earnings at $7.58 EPS.
Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data 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 return on equity of 116.34% and a negative net margin of 1,154.52%. The firm had revenue of $1.93 million during the quarter, compared to the consensus estimate of $1.99 million.
Other analysts have also issued research reports about the company. ValuEngine lowered Corbus Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 28th. HC Wainwright initiated coverage on Corbus Pharmaceuticals in a report on Wednesday, December 26th. They issued a “buy” rating and a $24.00 price objective for the company. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Corbus Pharmaceuticals in a report on Tuesday, March 12th. Zacks Investment Research lowered Corbus Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 13th. Finally, BidaskClub upgraded Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Corbus Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $24.36.
Shares of CRBP opened at $7.68 on Thursday. Corbus Pharmaceuticals has a one year low of $4.50 and a one year high of $9.11. The firm has a market capitalization of $481.03 million, a P/E ratio of -7.84 and a beta of 2.17.
Several institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in shares of Corbus Pharmaceuticals by 5.6% in the fourth 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 lifted its position in shares of Corbus Pharmaceuticals by 331.4% in the fourth quarter. Millennium Management LLC now owns 130,245 shares of the biopharmaceutical company’s stock valued at $761,000 after acquiring an additional 100,051 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its position in shares of Corbus Pharmaceuticals by 357.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 16,973 shares of the biopharmaceutical company’s stock valued at $99,000 after acquiring an additional 13,265 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new position in shares of Corbus Pharmaceuticals in the fourth quarter valued at about $3,125,000. Finally, Bank of America Corp DE lifted its position in shares of Corbus Pharmaceuticals by 6.7% in the fourth quarter. Bank of America Corp DE now owns 37,304 shares of the biopharmaceutical company’s stock valued at $218,000 after acquiring an additional 2,335 shares in the last quarter. Institutional investors and hedge funds own 40.27% of the company’s stock.
In related news, insider Barbara White bought 4,638 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were bought at an average cost of $6.47 per share, for a total transaction of $30,007.86. Following the completion of the transaction, the insider now owns 184,159 shares of the company’s stock, valued at $1,191,508.73. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have purchased 8,668 shares of company stock worth $56,923 over the last quarter. 12.60% of the stock is owned by company insiders.
Corbus Pharmaceuticals Company Profile
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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