Corbus Pharmaceuticals (NASDAQ:CRBP) Given New $35.00 Price Target at HC Wainwright

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price lowered by HC Wainwright from $40.00 to $35.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

Several other equities analysts have also recently commented on the company. Oppenheimer cut their price target on Corbus Pharmaceuticals from $54.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, June 17th. Jefferies Financial Group reduced their target price on Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a report on Friday, July 17th. Guggenheim restated a “buy” rating on shares of Corbus Pharmaceuticals in a research note on Tuesday, May 26th. Finally, Wedbush reduced their price objective on shares of Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $41.12.

Corbus Pharmaceuticals Stock Performance

NASDAQ:CRBP opened at $10.17 on Friday. The firm’s 50-day moving average is $8.72 and its 200-day moving average is $9.05. The company has a market cap of $188.45 million, a price-to-earnings ratio of -1.64 and a beta of 2.59. Corbus Pharmaceuticals has a 52-week low of $7.12 and a 52-week high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its earnings results on Tuesday, August 11th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($1.26) by ($0.55). Equities analysts predict that Corbus Pharmaceuticals will post -4.87 EPS for the current year.

Insiders Place Their Bets

In related news, insider Nishant C. Saxena acquired 9,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was bought at an average cost of $7.58 per share, with a total value of $68,220.00. Following the completion of the acquisition, the insider owned 75,300 shares in the company, valued at $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 through this hyperlink. Also, Director John Kenneth Jenkins sold 4,800 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total transaction of $37,968.00. Following the completion of the sale, the director directly owned 3,833 shares in the company, valued at approximately $30,319.03. The trade was a 55.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 9,238 shares of company stock valued at $73,073. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in shares of Corbus Pharmaceuticals in the 2nd quarter worth approximately $425,000. Seven Fleet Capital Management LP increased its holdings in Corbus Pharmaceuticals by 51.0% during the 1st quarter. Seven Fleet Capital Management LP now owns 85,687 shares of the biopharmaceutical company’s stock valued at $805,000 after purchasing an additional 28,937 shares in the last quarter. Bank of America Corp DE increased its holdings in Corbus Pharmaceuticals by 53,592.3% during the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock valued at $131,000 after purchasing an additional 13,934 shares in the last quarter. Royal Bank of Canada raised its position in Corbus Pharmaceuticals by 81.2% in the 1st quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company’s stock valued at $281,000 after purchasing an additional 13,401 shares during the last quarter. Finally, Exome Asset Management LLC raised its position in Corbus Pharmaceuticals by 67.8% in the 1st quarter. Exome Asset Management LLC now owns 234,136 shares of the biopharmaceutical company’s stock valued at $2,199,000 after purchasing an additional 94,593 shares during the last quarter. Institutional investors own 64.64% of the company’s stock.

Corbus Pharmaceuticals Company Profile

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.