Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price Expected to Rise, Oppenheimer Analyst Says

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price upped by analysts at Oppenheimer from $53.00 to $57.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s target price would indicate a potential upside of 488.84% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on CRBP. Jefferies Financial Group raised shares of Corbus Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, February 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada lowered their target price on Corbus Pharmaceuticals from $55.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, November 13th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.88.

Corbus Pharmaceuticals Price Performance

Shares of Corbus Pharmaceuticals stock traded up $0.13 on Tuesday, hitting $9.68. 80,286 shares of the company’s stock traded hands, compared to its average volume of 176,675. The firm’s 50-day moving average price is $8.15 and its two-hundred day moving average price is $10.54. The stock has a market capitalization of $169.88 million, a PE ratio of -1.76 and a beta of 2.84. Corbus Pharmaceuticals has a one year low of $4.64 and a one year high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings data on Monday, March 9th. The biopharmaceutical company reported ($1.25) EPS for the quarter, beating analysts’ consensus estimates of ($1.78) by $0.53. On average, analysts forecast that Corbus Pharmaceuticals will post -4.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Corbus Pharmaceuticals news, insider Dominic Smethurst sold 3,285 shares of Corbus Pharmaceuticals stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $8.09, for a total value of $26,575.65. Following the sale, the insider directly owned 95,887 shares in the company, valued at approximately $775,725.83. The trade was a 3.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Cormorant Asset Management, Lp sold 30,029 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $11.46, for a total transaction of $344,132.34. Following the sale, the insider directly owned 2,344,971 shares in the company, valued at $26,873,367.66. This trade represents a 1.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 35,729 shares of company stock worth $390,245 over the last quarter. 4.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRBP. AQR Capital Management LLC acquired a new position in shares of Corbus Pharmaceuticals during the 1st quarter worth approximately $573,000. Marshall Wace LLP bought a new stake in Corbus Pharmaceuticals during the second quarter worth $137,000. Baker Avenue Asset Management LP acquired a new stake in Corbus Pharmaceuticals in the second quarter valued at $138,000. Bank of America Corp DE grew its position in shares of Corbus Pharmaceuticals by 333.6% in the 2nd quarter. Bank of America Corp DE now owns 71,893 shares of the biopharmaceutical company’s stock valued at $496,000 after acquiring an additional 55,314 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Corbus Pharmaceuticals in the 3rd quarter valued at about $1,080,000. 64.64% of the stock is owned by institutional investors and hedge funds.

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.