Corbus Pharmaceuticals (NASDAQ:CRBP) Hits New 12-Month High at $61.90

Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $61.90 and last traded at $61.57, with a volume of 55598 shares. The stock had previously closed at $59.62.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CRBP shares. Oppenheimer reiterated an “outperform” rating and set a $80.00 target price on shares of Corbus Pharmaceuticals in a research report on Wednesday, July 10th. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Corbus Pharmaceuticals in a research report on Monday, July 22nd. Wedbush started coverage on shares of Corbus Pharmaceuticals in a report on Tuesday. They issued an “outperform” rating and a $85.00 price objective on the stock. StockNews.com lowered shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, July 24th. Finally, Royal Bank of Canada increased their price objective on shares of Corbus Pharmaceuticals from $77.00 to $82.00 and gave the company an “outperform” rating in a report on Tuesday, June 11th. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $76.33.

Corbus Pharmaceuticals Stock Down 0.3 %

The company’s fifty day simple moving average is $49.32 and its two-hundred day simple moving average is $38.41. The company has a market capitalization of $635.73 million, a price-to-earnings ratio of -8.85 and a beta of 2.59.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.09) by $0.26. Equities research analysts expect that Corbus Pharmaceuticals Holdings, Inc. will post -5.05 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. bought a new position in Corbus Pharmaceuticals in the first quarter valued at $976,000. Assenagon Asset Management S.A. bought a new position in Corbus Pharmaceuticals in the first quarter valued at $10,181,000. Bank of New York Mellon Corp bought a new position in Corbus Pharmaceuticals in the second quarter valued at $1,368,000. Vanguard Group Inc. grew its position 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 purchasing an additional 257,808 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new position in Corbus Pharmaceuticals in the first quarter valued at $7,554,000. Institutional investors own 64.64% of the company’s stock.

Corbus Pharmaceuticals Company Profile

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.