Corbus Pharmaceuticals (NASDAQ:CRBP) Posts Earnings Results

Corbus Pharmaceuticals (NASDAQ:CRBP) released its earnings results on Tuesday. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.19) by $0.29, Yahoo Finance reports.

Corbus Pharmaceuticals Stock Down 8.8 %

CRBP traded down $4.64 on Wednesday, hitting $48.30. The company had a trading volume of 414,351 shares, compared to its average volume of 545,381. The business’s fifty day simple moving average is $50.60 and its 200 day simple moving average is $40.18. Corbus Pharmaceuticals has a 12-month low of $3.03 and a 12-month high of $61.90. The company has a market cap of $516.18 million, a PE ratio of -7.03 and a beta of 2.59.

Insider Transactions at Corbus Pharmaceuticals

In related news, CFO Sean F. Moran sold 1,958 shares of the company’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $42.12, for a total transaction of $82,470.96. Following the transaction, the chief financial officer now directly owns 48,605 shares in the company, valued at approximately $2,047,242.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Yuval Cohen sold 29,317 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $50.17, for a total transaction of $1,470,833.89. Following the transaction, the chief executive officer now directly owns 84,400 shares of the company’s stock, valued at $4,234,348. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Sean F. Moran sold 1,958 shares of Corbus Pharmaceuticals stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $42.12, for a total value of $82,470.96. Following the sale, the chief financial officer now directly owns 48,605 shares of the company’s stock, valued at $2,047,242.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,733 shares of company stock worth $2,530,799. 4.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wedbush assumed coverage on shares of Corbus Pharmaceuticals in a research report on Tuesday, July 30th. They set an “outperform” rating and a $85.00 price objective on the stock. B. Riley assumed coverage on shares of Corbus Pharmaceuticals in a report on Wednesday, June 26th. They set a “buy” rating and a $85.00 price target on the stock. StockNews.com upgraded shares of Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Corbus Pharmaceuticals in a research note on Tuesday. Finally, Oppenheimer boosted their price target on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $77.67.

Corbus Pharmaceuticals Company Profile

Corbus Pharmaceuticals Holdings, Inc, a biopharmaceutical company, develops products to defeat serious illness. It develops CRB-701, an antibody drug conjugate (ADC) that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of monomethyl auristatin E (MMAE), which is in Phase I clinical trial; CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFß expressed on cancer cells for the treatment of solid tumors; CRB-913, a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist for the treatment of obesity.