Corbus Pharmaceuticals (CRBP) Shares Down 7.1%

Shares of Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) were down 7.1% during mid-day trading on Friday . The stock traded as low as $7.00 and last traded at $7.25. Approximately 1,704,051 shares traded hands during mid-day trading, an increase of 92% from the average daily volume of 886,479 shares. The stock had previously closed at $7.80.

Several analysts have issued reports on CRBP shares. Cantor Fitzgerald set a $36.00 target price on Corbus Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, September 20th. ValuEngine upgraded Corbus Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Friday, September 14th. Finally, BidaskClub upgraded Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, September 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Corbus Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $26.67.

The firm has a market cap of $430.19 million, a PE ratio of -11.15 and a beta of 2.18.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its earnings results on Wednesday, August 8th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.22) by $0.01. The company had revenue of $0.85 million during the quarter, compared to analysts’ expectations of $1.90 million. On average, equities research analysts anticipate that Corbus Pharmaceuticals Holdings Inc will post -0.84 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nexthera Capital LP purchased a new position in shares of Corbus Pharmaceuticals during the 2nd quarter worth $678,000. Woodstock Corp grew its holdings in shares of Corbus Pharmaceuticals by 29.5% during the 3rd quarter. Woodstock Corp now owns 93,264 shares of the biopharmaceutical company’s stock worth $704,000 after purchasing an additional 21,263 shares during the period. Barclays PLC grew its holdings in shares of Corbus Pharmaceuticals by 237.5% during the 1st quarter. Barclays PLC now owns 28,302 shares of the biopharmaceutical company’s stock worth $172,000 after purchasing an additional 19,917 shares during the period. Royal Bank of Canada grew its holdings in shares of Corbus Pharmaceuticals by 2,742.5% during the 1st quarter. Royal Bank of Canada now owns 51,961 shares of the biopharmaceutical company’s stock worth $317,000 after purchasing an additional 50,133 shares during the period. Finally, IFP Advisors Inc grew its holdings in shares of Corbus Pharmaceuticals by 12.0% during the 2nd quarter. IFP Advisors Inc now owns 1,500,805 shares of the biopharmaceutical company’s stock worth $7,579,000 after purchasing an additional 160,250 shares during the period. Institutional investors and hedge funds own 42.60% of the company’s stock.

About Corbus Pharmaceuticals (NASDAQ:CRBP)

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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