Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Rating Lowered by StockNews.com

Corbus Pharmaceuticals (NASDAQ:CRBP) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other research firms also recently issued reports on CRBP. Jefferies Financial Group upgraded shares of Corbus Pharmaceuticals from a “hold” rating to a “buy” rating and upped their price objective for the company from $4.00 to $46.00 in a report on Wednesday, March 6th. Oppenheimer upped their price target on shares of Corbus Pharmaceuticals from $58.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, May 8th. Finally, Royal Bank of Canada began coverage on shares of Corbus Pharmaceuticals in a report on Monday, May 13th. They set an “outperform” rating and a $77.00 price objective on the stock.

Corbus Pharmaceuticals Stock Up 8.8 %

Shares of CRBP opened at $45.02 on Friday. The company has a 50 day moving average of $39.76 and a two-hundred day moving average of $23.75. Corbus Pharmaceuticals has a twelve month low of $3.03 and a twelve month high of $50.42. The company has a market cap of $481.26 million, a price-to-earnings ratio of -6.47 and a beta of 2.46.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($1.09) by $0.26. On average, sell-side analysts expect that Corbus Pharmaceuticals will post -5.86 EPS for the current year.

Insider Activity at Corbus Pharmaceuticals

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp purchased 250,000 shares of Corbus Pharmaceuticals stock in a transaction on Thursday, March 7th. The stock was bought at an average cost of $40.05 per share, with a total value of $10,012,500.00. Following the transaction, the insider now owns 1,725,000 shares of the company’s stock, valued at approximately $69,086,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ikarian Capital LLC lifted its holdings in shares of Corbus Pharmaceuticals by 185.5% in the 1st quarter. Ikarian Capital LLC now owns 559,271 shares of the biopharmaceutical company’s stock valued at $21,946,000 after buying an additional 363,372 shares during the period. Vanguard Group Inc. lifted its holdings in Corbus Pharmaceuticals by 143.7% in the first quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after acquiring an additional 257,808 shares during the period. Janus Henderson Group PLC acquired a new position in Corbus Pharmaceuticals in the first quarter valued at approximately $13,363,000. Assenagon Asset Management S.A. purchased a new stake in Corbus Pharmaceuticals in the 1st quarter worth approximately $10,181,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Corbus Pharmaceuticals during the 1st quarter worth approximately $7,554,000. 64.64% of the stock is owned by institutional investors and hedge funds.

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.