Corbus Pharmaceuticals (NASDAQ:CRBP) Releases Quarterly Earnings Results

Corbus Pharmaceuticals (NASDAQ:CRBP) posted its quarterly earnings results on Monday. The biopharmaceutical company reported ($1.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.78) by $0.53, FiscalAI reports.

Corbus Pharmaceuticals Stock Performance

Corbus Pharmaceuticals stock opened at $8.02 on Monday. Corbus Pharmaceuticals has a 52 week low of $4.64 and a 52 week high of $20.56. The firm has a market capitalization of $140.75 million, a price-to-earnings ratio of -1.46 and a beta of 2.84. The company has a 50 day moving average price of $8.13 and a 200 day moving average price of $10.54.

Insider Buying and Selling at Corbus Pharmaceuticals

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

Institutional Investors Weigh In On Corbus Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Orbimed Advisors LLC grew its stake in Corbus Pharmaceuticals by 36.3% during the 4th quarter. Orbimed Advisors LLC now owns 1,597,287 shares of the biopharmaceutical company’s stock valued at $13,002,000 after acquiring an additional 425,000 shares in the last quarter. Prosight Management LP lifted its position in shares of Corbus Pharmaceuticals by 99.1% in the fourth quarter. Prosight Management LP now owns 683,872 shares of the biopharmaceutical company’s stock worth $5,567,000 after purchasing an additional 340,472 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Corbus Pharmaceuticals by 2.1% during the third quarter. Vanguard Group Inc. now owns 612,030 shares of the biopharmaceutical company’s stock worth $7,742,000 after purchasing an additional 12,535 shares during the period. Armistice Capital LLC boosted its holdings in shares of Corbus Pharmaceuticals by 179.2% during the fourth quarter. Armistice Capital LLC now owns 536,000 shares of the biopharmaceutical company’s stock worth $4,363,000 after purchasing an additional 344,000 shares during the period. Finally, Renaissance Technologies LLC grew its position in Corbus Pharmaceuticals by 230.5% during the fourth quarter. Renaissance Technologies LLC now owns 354,300 shares of the biopharmaceutical company’s stock valued at $2,884,000 after purchasing an additional 247,100 shares in the last quarter. 64.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRBP has been the topic of a number of recent research reports. Royal Bank Of Canada decreased their target price on Corbus Pharmaceuticals from $55.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, November 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Wednesday, January 21st. Finally, Jefferies Financial Group raised Corbus Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, February 18th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.38.

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.