Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Crosses Above 50 Day Moving Average – Here’s Why

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP)’s share price passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $9.57 and traded as high as $11.37. Corbus Pharmaceuticals shares last traded at $11.28, with a volume of 900,285 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Oppenheimer reduced their price objective on Corbus Pharmaceuticals from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Guggenheim reissued a “buy” rating on shares of Corbus Pharmaceuticals in a research note on Tuesday, May 26th. Jefferies Financial Group dropped their target price on Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Wedbush reduced their price target on Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price target on shares of Corbus Pharmaceuticals in a research note on Wednesday, August 26th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Corbus Pharmaceuticals Stock Down 0.2%

The business’s 50-day simple moving average is $9.70 and its 200-day simple moving average is $9.35. The stock has a market cap of $213.96 million, a PE ratio of -1.85 and a beta of 2.63.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.81) EPS for the quarter, missing the consensus estimate of ($1.26) by ($0.55). As a group, equities research analysts anticipate that Corbus Pharmaceuticals Holdings, Inc. will post -5.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Sean F. Moran sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $10.08, for a total transaction of $120,960.00. Following the transaction, the chief financial officer directly owned 84,694 shares of the company’s stock, valued at approximately $853,715.52. The trade was a 12.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nishant C. Saxena bought 2,600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were acquired at an average price of $9.63 per share, with a total value of $25,038.00. Following the acquisition, the insider owned 77,900 shares of the company’s stock, valued at $750,177. This represents a 3.45% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have sold 38,238 shares of company stock worth $365,393. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of Corbus Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the stock. Velan Capital Investment Management LP raised its holdings in Corbus Pharmaceuticals by 3.4% in the 3rd quarter. Velan Capital Investment Management LP now owns 61,000 shares of the biopharmaceutical company’s stock worth $772,000 after purchasing an additional 2,000 shares in the last quarter. Pale Fire Capital SE lifted its position in shares of Corbus Pharmaceuticals by 14.5% in the 1st quarter. Pale Fire Capital SE now owns 21,350 shares of the biopharmaceutical company’s stock worth $200,000 after purchasing an additional 2,700 shares during the period. Mariner LLC boosted its stake in shares of Corbus Pharmaceuticals by 34.0% during the 3rd quarter. Mariner LLC now owns 20,840 shares of the biopharmaceutical company’s stock valued at $264,000 after purchasing an additional 5,289 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in shares of Corbus Pharmaceuticals during the 4th quarter valued at about $54,000. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Corbus Pharmaceuticals during the third quarter valued at about $129,000. Institutional investors own 64.64% of the company’s stock.

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.