Corbus Pharmaceuticals (NASDAQ:CRBP) Coverage Initiated by Analysts at B. Riley

B. Riley began coverage on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a research note released on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $85.00 target price on the biopharmaceutical company’s stock. B. Riley also issued estimates for Corbus Pharmaceuticals’ Q2 2024 earnings at ($0.92) EPS, Q3 2024 earnings at ($0.92) EPS, Q4 2024 earnings at ($0.92) EPS, FY2024 earnings at ($3.61) EPS, FY2025 earnings at ($3.94) EPS, FY2026 earnings at ($3.50) EPS, FY2027 earnings at ($3.90) EPS and FY2028 earnings at ($4.49) EPS.

Several other analysts have also recently weighed in on CRBP. Oppenheimer raised their price target on Corbus Pharmaceuticals from $60.00 to $80.00 and gave the company an outperform rating in a report on Monday, June 3rd. StockNews.com cut Corbus Pharmaceuticals from a hold rating to a sell rating in a report on Tuesday, June 4th. Royal Bank of Canada raised their price objective on Corbus Pharmaceuticals from $77.00 to $82.00 and gave the company an outperform rating in a report on Tuesday, June 11th. Finally, Jefferies Financial Group raised Corbus Pharmaceuticals from a hold rating to a buy rating and raised their price objective for the company from $4.00 to $46.00 in a report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $73.25.

Corbus Pharmaceuticals Stock Up 3.1 %

NASDAQ:CRBP opened at $45.25 on Wednesday. The business’s 50-day moving average price is $43.05 and its two-hundred day moving average price is $30.70. Corbus Pharmaceuticals has a twelve month low of $3.03 and a twelve month high of $55.41. The stock has a market cap of $483.72 million, a P/E ratio of -6.50 and a beta of 2.52.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, beating the consensus estimate of ($1.09) by $0.26. On average, equities research analysts expect that Corbus Pharmaceuticals will post -5.11 EPS for the current fiscal year.

Insider Transactions at Corbus Pharmaceuticals

In other news, CFO Sean F. Moran sold 1,958 shares of Corbus Pharmaceuticals stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $42.12, for a total value of $82,470.96. Following the sale, the chief financial officer now directly owns 48,605 shares in the company, valued at approximately $2,047,242.60. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Yuval Cohen sold 29,317 shares of Corbus Pharmaceuticals stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $50.17, for a total transaction of $1,470,833.89. Following the sale, the chief executive officer now directly owns 84,400 shares in the company, valued at $4,234,348. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sean F. Moran sold 1,958 shares of Corbus Pharmaceuticals stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $42.12, for a total value of $82,470.96. Following the sale, the chief financial officer now owns 48,605 shares in the company, valued at $2,047,242.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,733 shares of company stock worth $2,530,799. 4.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Several hedge funds have recently made changes to their positions in CRBP. Assenagon Asset Management S.A. bought a new stake in Corbus Pharmaceuticals in the first quarter worth $10,181,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Corbus Pharmaceuticals in the first quarter worth $976,000. Vanguard Group Inc. boosted 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 worth $17,158,000 after acquiring an additional 257,808 shares in the last quarter. Altitude Crest Partners Inc. bought a new stake in Corbus Pharmaceuticals in the first quarter worth $4,069,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in Corbus Pharmaceuticals in the first quarter worth $7,554,000. 64.64% of the stock is currently owned by institutional investors.

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.