Oppenheimer Has Lowered Expectations for Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price dropped by stock analysts at Oppenheimer from $60.00 to $56.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock.

Other equities analysts also recently issued reports about the company. Jefferies Financial Group dropped their target price on Corbus Pharmaceuticals from $70.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. HC Wainwright cut their target price on shares of Corbus Pharmaceuticals from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday. StockNews.com raised shares of Corbus Pharmaceuticals to a “sell” rating in a research report on Thursday, March 6th. Wedbush reiterated an “outperform” rating and issued a $51.00 price objective on shares of Corbus Pharmaceuticals in a research note on Wednesday, March 12th. Finally, William Blair assumed coverage on Corbus Pharmaceuticals in a research note on Friday, February 28th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.88.

Corbus Pharmaceuticals Price Performance

Shares of CRBP opened at $6.63 on Wednesday. The firm has a 50-day simple moving average of $6.33 and a two-hundred day simple moving average of $10.93. The stock has a market cap of $81.10 million, a PE ratio of -1.41 and a beta of 3.19. Corbus Pharmaceuticals has a 1-year low of $4.64 and a 1-year high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.26) by ($0.13). As a group, sell-side analysts expect that Corbus Pharmaceuticals will post -4.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRBP. JPMorgan Chase & Co. boosted its holdings in shares of Corbus Pharmaceuticals by 27.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,507 shares of the biopharmaceutical company’s stock valued at $114,000 after buying an additional 1,172 shares in the last quarter. Avanza Fonder AB purchased a new position in shares of Corbus Pharmaceuticals during the fourth quarter worth about $84,000. HealthInvest Partners AB increased its position in shares of Corbus Pharmaceuticals by 41.3% during the fourth quarter. HealthInvest Partners AB now owns 98,304 shares of the biopharmaceutical company’s stock worth $1,188,000 after purchasing an additional 28,731 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Corbus Pharmaceuticals by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 97,882 shares of the biopharmaceutical company’s stock valued at $1,155,000 after purchasing an additional 4,239 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Corbus Pharmaceuticals by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 263,532 shares of the biopharmaceutical company’s stock valued at $3,110,000 after purchasing an additional 13,773 shares during the period. 64.64% of the stock is owned by institutional investors and hedge funds.

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.