Insider Selling: Corbus Pharmaceuticals (NASDAQ:CRBP) Director Sells $19,078.92 in Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Director Anne Altmeyer sold 2,412 shares of Corbus Pharmaceuticals 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 $19,078.92. Following the sale, the director owned 7,579 shares in the company, valued at $59,949.89. This represents a 24.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Corbus Pharmaceuticals Stock Up 5.3%

CRBP stock opened at $8.19 on Friday. Corbus Pharmaceuticals Holdings, Inc. has a 52-week low of $6.72 and a 52-week high of $20.56. The stock’s 50 day moving average is $9.70 and its two-hundred day moving average is $9.10. The company has a market capitalization of $151.74 million, a PE ratio of -1.41 and a beta of 2.57.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.26) by $0.03. As a group, sell-side analysts anticipate that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions 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 worth $772,000 after acquiring an additional 2,000 shares in the last quarter. Pale Fire Capital SE grew its position 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 worth $200,000 after acquiring an additional 2,700 shares in the last quarter. Mariner LLC boosted its position in Corbus Pharmaceuticals by 34.0% during 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 position in Corbus Pharmaceuticals during the 4th quarter valued at approximately $54,000. Finally, ADAR1 Capital Management LLC acquired a new position in Corbus Pharmaceuticals during the 3rd quarter valued at approximately $129,000. Institutional investors and hedge funds own 64.64% of the company’s stock.

Analyst Upgrades and Downgrades

CRBP has been the topic of several analyst reports. Oppenheimer dropped their price objective on Corbus Pharmaceuticals from $57.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Wall Street Zen upgraded Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a report on Monday, April 20th. Jefferies Financial Group decreased their target price on Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Finally, Mizuho lifted their target price on Corbus Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Corbus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

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.