Corbus Pharmaceuticals (NASDAQ:CRBP) Rating Reiterated by Royal Bank of Canada

Corbus Pharmaceuticals (NASDAQ:CRBP)‘s stock had its “outperform” rating reissued by equities research analysts at Royal Bank of Canada in a report issued on Wednesday, Benzinga reports. They currently have a $82.00 price target on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 43.26% from the company’s current price.

CRBP has been the subject of a number of other reports. Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 21st. B. Riley started coverage on Corbus Pharmaceuticals in a research note on Wednesday, June 26th. They issued a “buy” rating and a $85.00 target price for the company. Wedbush started coverage on Corbus Pharmaceuticals in a research note on Tuesday, July 30th. They set an “outperform” rating and a $85.00 price target on the stock. StockNews.com cut Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $80.00 target price on shares of Corbus Pharmaceuticals in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Corbus Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $77.67.

Corbus Pharmaceuticals Stock Down 3.4 %

CRBP stock opened at $57.24 on Wednesday. The firm has a market cap of $611.72 million, a price-to-earnings ratio of -8.22 and a beta of 2.59. The company’s fifty day simple moving average is $53.42 and its 200 day simple moving average is $43.93. Corbus Pharmaceuticals has a 12-month low of $3.03 and a 12-month high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.19) by $0.29. Research analysts expect that Corbus Pharmaceuticals will post -4.68 earnings per share for the current year.

Insider Activity

In related news, 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 value of $1,470,833.89. Following the completion of the sale, the chief executive officer now directly owns 84,400 shares of the company’s stock, valued at approximately $4,234,348. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Corbus Pharmaceuticals news, CFO Sean F. Moran sold 9,355 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $49.87, for a total value of $466,533.85. Following the completion of the sale, the chief financial officer now directly owns 48,605 shares of the company’s stock, valued at approximately $2,423,931.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the chief executive officer now directly owns 84,400 shares in the company, valued at approximately $4,234,348. The disclosure for this sale can be found here. Insiders have sold 51,733 shares of company stock worth $2,530,799 over the last 90 days. 4.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Corbus Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its stake in Corbus Pharmaceuticals by 100.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,131 shares of the biopharmaceutical company’s stock valued at $956,000 after purchasing an additional 10,604 shares during the period. Darwin Global Management Ltd. purchased a new stake in Corbus Pharmaceuticals during the second quarter worth about $14,267,000. Integral Health Asset Management LLC purchased a new stake in Corbus Pharmaceuticals during the second quarter worth about $4,525,000. HighVista Strategies LLC bought a new stake in Corbus Pharmaceuticals in the second quarter worth about $1,755,000. Finally, ClariVest Asset Management LLC purchased a new position in Corbus Pharmaceuticals in the second quarter valued at about $725,000. 64.64% of the stock is owned by hedge funds and other 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.