Corbus Pharmaceuticals (NASDAQ:CRBP) Share Price Crosses Above 50-Day Moving Average – What’s Next?

Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $8.75 and traded as high as $9.36. Corbus Pharmaceuticals shares last traded at $9.17, with a volume of 172,702 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRBP. Oppenheimer decreased their target price on shares of Corbus Pharmaceuticals from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, June 17th. Guggenheim reissued a “buy” rating on shares of Corbus Pharmaceuticals in a report on Tuesday, May 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Friday, July 17th. Jefferies Financial Group decreased their price target on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $40.00 price objective on shares of Corbus Pharmaceuticals in a research report on Tuesday, May 26th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Corbus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $40.67.

Corbus Pharmaceuticals Price Performance

The company has a market cap of $169.92 million, a PE ratio of -1.58 and a beta of 2.55. The company has a fifty day moving average price of $8.75 and a 200 day moving average price of $8.97.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share for the quarter, topping the consensus estimate of ($1.26) by $0.03. As a group, sell-side analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 EPS for the current fiscal year.

Insider Buying and Selling at Corbus Pharmaceuticals

In related news, insider Nishant C. Saxena acquired 9,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was bought at an average cost of $7.58 per share, with a total value of $68,220.00. Following the acquisition, the insider owned 75,300 shares of the company’s stock, valued at approximately $570,774. The trade was a 13.57% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Kenneth Jenkins sold 4,800 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total transaction of $37,968.00. Following the completion of the transaction, the director owned 3,833 shares of the company’s stock, valued at $30,319.03. This trade represents a 55.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 9,238 shares of company stock worth $73,073. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. boosted its stake in Corbus Pharmaceuticals by 120.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 187,956 shares of the biopharmaceutical company’s stock worth $1,530,000 after buying an additional 102,609 shares in the last quarter. Aberdeen Group plc lifted its holdings in shares of Corbus Pharmaceuticals by 602.2% in the 4th quarter. Aberdeen Group plc now owns 1,321,750 shares of the biopharmaceutical company’s stock worth $10,759,000 after acquiring an additional 1,133,519 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of 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 valued at $131,000 after purchasing an additional 13,934 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Corbus Pharmaceuticals by 81.2% during the 1st quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company’s stock valued at $281,000 after purchasing an additional 13,401 shares during the last quarter. Finally, Exome Asset Management LLC raised its position in Corbus Pharmaceuticals by 67.8% in the 1st quarter. Exome Asset Management LLC now owns 234,136 shares of the biopharmaceutical company’s stock worth $2,199,000 after purchasing an additional 94,593 shares during the period. 64.64% of the stock is currently owned by institutional investors.

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.