Insider Selling: Corbus Pharmaceuticals (NASDAQ:CRBP) Director Sells 2,412 Shares of Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Director Anne Altmeyer sold 2,412 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total transaction of $19,078.92. Following the sale, the director owned 7,579 shares in the company, valued at $59,949.89. The trade was a 24.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Corbus Pharmaceuticals Stock Up 1.0%

Corbus Pharmaceuticals stock traded up $0.08 during mid-day trading on Thursday, hitting $7.78. The company had a trading volume of 358,322 shares, compared to its average volume of 312,483. The stock has a market cap of $144.15 million, a price-to-earnings ratio of -1.34 and a beta of 2.57. Corbus Pharmaceuticals Holdings, Inc. has a 1 year low of $6.72 and a 1 year high of $20.56. The business has a fifty day moving average of $9.77 and a 200 day moving average of $9.14.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.03. Equities analysts anticipate that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Oppenheimer cut their price target on Corbus Pharmaceuticals from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Wedbush dropped their price objective on Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Mizuho lifted their price objective on Corbus Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, May 22nd. Guggenheim reiterated a “buy” rating on shares of Corbus Pharmaceuticals in a research report on Tuesday, May 26th. Finally, Jefferies Financial Group dropped their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Institutional Trading of Corbus Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Persistent Asset Partners Ltd purchased a new stake in shares of Corbus Pharmaceuticals during the 4th quarter worth about $54,000. Virtu Financial LLC purchased a new stake in shares of Corbus Pharmaceuticals during the 4th quarter worth about $88,000. Barclays PLC grew its holdings in shares of Corbus Pharmaceuticals by 280.0% during the 4th quarter. Barclays PLC now owns 14,758 shares of the biopharmaceutical company’s stock worth $120,000 after purchasing an additional 10,874 shares during the period. ADAR1 Capital Management LLC purchased a new stake in shares of Corbus Pharmaceuticals during the 3rd quarter worth about $129,000. Finally, Bank of America Corp DE boosted its holdings in Corbus Pharmaceuticals by 53,592.3% in the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock worth $131,000 after acquiring an additional 13,934 shares during the period. Hedge funds and other 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.