Wedbush Lowers Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $51.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price trimmed by Wedbush from $85.00 to $51.00 in a research report report published on Friday, Benzinga reports. The firm currently has an outperform rating on the biopharmaceutical company’s stock.

Several other brokerages have also recently weighed in on CRBP. Oppenheimer boosted their price target on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an outperform rating in a research report on Wednesday, August 7th. B. Riley initiated coverage on shares of Corbus Pharmaceuticals in a research report on Wednesday, June 26th. They set a buy rating and a $85.00 target price on the stock. Lifesci Capital upgraded Corbus Pharmaceuticals to a strong-buy rating in a research report on Wednesday, August 21st. StockNews.com downgraded Corbus Pharmaceuticals from a hold rating to a sell rating in a research report on Saturday, August 10th. Finally, HC Wainwright reissued a buy rating and set a $80.00 target price on shares of Corbus Pharmaceuticals in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $65.86.

Corbus Pharmaceuticals Stock Performance

Shares of NASDAQ CRBP opened at $19.51 on Friday. The company has a market cap of $208.50 million, a P/E ratio of -2.80 and a beta of 2.56. Corbus Pharmaceuticals has a 52-week low of $3.03 and a 52-week high of $61.90. The firm’s fifty day moving average is $55.03 and its two-hundred day moving average is $46.93.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.19) by $0.29. As a group, analysts forecast that Corbus Pharmaceuticals will post -3.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers bought a new position in Corbus Pharmaceuticals in the 2nd quarter worth about $638,000. Acadian Asset Management LLC purchased a new position in Corbus Pharmaceuticals during the 2nd quarter worth $716,000. ClariVest Asset Management LLC bought a new stake in Corbus Pharmaceuticals during the 2nd quarter valued at $725,000. Victory Capital Management Inc. purchased a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter worth $862,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of 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 worth $956,000 after buying an additional 10,604 shares during the period. Institutional investors own 64.64% of the company’s stock.

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.