Royal Bank Of Canada Cuts Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $53.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price target reduced by Royal Bank Of Canada from $55.00 to $53.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

Other equities analysts have also recently issued reports about the stock. Benchmark restated a “reduce” rating on shares of Corbus Pharmaceuticals in a research report on Monday, October 20th. Wedbush increased their price target on Corbus Pharmaceuticals from $31.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Piper Sandler restated an “overweight” rating and issued a $51.00 target price on shares of Corbus Pharmaceuticals in a report on Monday, October 20th. Oppenheimer cut their price target on Corbus Pharmaceuticals from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. Finally, Mizuho set a $39.00 target price on Corbus Pharmaceuticals in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $44.38.

Corbus Pharmaceuticals Price Performance

Shares of Corbus Pharmaceuticals stock opened at $11.07 on Thursday. The business has a fifty day simple moving average of $13.36 and a two-hundred day simple moving average of $10.14. The company has a market capitalization of $135.66 million, a price-to-earnings ratio of -2.33 and a beta of 2.69. Corbus Pharmaceuticals has a 1 year low of $4.64 and a 1 year high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings results on Wednesday, November 12th. The biopharmaceutical company reported ($1.90) EPS for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.10). As a group, equities analysts anticipate that Corbus Pharmaceuticals will post -4.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Corbus Pharmaceuticals

In other news, CEO Yuval Cohen sold 8,973 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $17.14, for a total value of $153,797.22. Following the completion of the transaction, the chief executive officer directly owned 138,187 shares in the company, valued at approximately $2,368,525.18. This trade represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sean F. Moran sold 12,981 shares of the firm’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $17.02, for a total transaction of $220,936.62. Following the completion of the transaction, the chief financial officer directly owned 73,313 shares of the company’s stock, valued at approximately $1,247,787.26. The trade was a 15.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 41,674 shares of company stock worth $713,870. Company insiders own 3.60% of the company’s stock.

Institutional Trading of Corbus Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. ADAR1 Capital Management LLC bought a new stake in Corbus Pharmaceuticals in the third quarter worth $129,000. Corton Capital Inc. purchased a new position in shares of Corbus Pharmaceuticals during the second quarter valued at approximately $86,000. Marshall Wace LLP bought a new position in Corbus Pharmaceuticals in the 2nd quarter worth $137,000. Baker Avenue Asset Management LP bought a new position in Corbus Pharmaceuticals in the second quarter worth about $138,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Corbus Pharmaceuticals in the 2nd quarter worth approximately $141,000. Institutional investors own 64.64% of the company’s stock.

About Corbus Pharmaceuticals

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.