Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target Cut to $48.00 by Analysts at Oppenheimer

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price target reduced by investment analysts at Oppenheimer from $52.00 to $48.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s price target points to a potential upside of 383.09% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Wedbush reduced their target price on Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. HC Wainwright lowered their price target on Corbus Pharmaceuticals from $40.00 to $35.00 and set a “buy” rating for the company in a report on Friday. Mizuho cut their price objective on Corbus Pharmaceuticals from $44.00 to $34.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a report on Friday, July 17th. Finally, Jefferies Financial Group decreased their target price on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $41.12.

Corbus Pharmaceuticals Stock Performance

Shares of NASDAQ CRBP traded up $0.20 during midday trading on Friday, reaching $9.94. 71,455 shares of the stock were exchanged, compared to its average volume of 324,867. The stock has a market capitalization of $184.11 million, a P/E ratio of -1.71 and a beta of 2.59. The company has a 50 day simple moving average of $8.68 and a 200 day simple moving average of $9.04. Corbus Pharmaceuticals has a twelve month low of $7.12 and a twelve month high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings data on Tuesday, August 11th. The biopharmaceutical company reported ($1.81) EPS for the quarter, missing analysts’ consensus estimates of ($1.26) by ($0.55). On average, research analysts expect that Corbus Pharmaceuticals will post -4.87 earnings per share for the current year.

Insider Activity

In other news, insider Nishant C. Saxena bought 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were purchased at an average price of $7.58 per share, with a total value of $68,220.00. Following the purchase, the insider owned 75,300 shares in the company, valued at approximately $570,774. The trade was a 13.57% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Kenneth Jenkins sold 4,800 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $7.91, for a total value of $37,968.00. Following the transaction, the director owned 3,833 shares of the company’s stock, valued at $30,319.03. This trade represents a 55.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 9,238 shares of company stock worth $73,073. 3.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Persistent Asset Partners Ltd acquired a new position in shares of Corbus Pharmaceuticals in the fourth quarter valued at approximately $54,000. Virtu Financial LLC purchased a new stake in Corbus Pharmaceuticals during the 4th quarter worth approximately $88,000. Barclays PLC lifted its holdings in Corbus Pharmaceuticals by 280.0% during the 4th quarter. Barclays PLC now owns 14,758 shares of the biopharmaceutical company’s stock worth $120,000 after buying an additional 10,874 shares in the last quarter. ADAR1 Capital Management LLC purchased a new position in Corbus Pharmaceuticals in the 3rd quarter valued at approximately $129,000. Finally, Bank of America Corp DE boosted its position in Corbus Pharmaceuticals by 53,592.3% in the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock valued at $131,000 after buying an additional 13,934 shares during the period. Hedge funds and other institutional investors own 64.64% of the company’s stock.

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.