Wedbush Reiterates Outperform Rating for Corbus Pharmaceuticals (NASDAQ:CRBP)

Corbus Pharmaceuticals (NASDAQ:CRBP)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a research report issued to clients and investors on Monday, RTT News reports. They presently have a $51.00 target price on the biopharmaceutical company’s stock. Wedbush’s target price would indicate a potential upside of 166.32% from the stock’s previous close.

Several other analysts also recently commented on CRBP. Royal Bank of Canada reissued an “outperform” rating and set a $82.00 price objective on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 21st. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Corbus Pharmaceuticals in a research note on Monday, September 23rd. StockNews.com cut Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Finally, Mizuho reaffirmed an “outperform” rating and set a $74.00 price objective on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, seven have assigned 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 an average target price of $65.86.

Corbus Pharmaceuticals Stock Performance

CRBP stock opened at $19.15 on Monday. The firm has a 50 day moving average price of $30.69 and a 200-day moving average price of $42.32. Corbus Pharmaceuticals has a 52-week low of $3.03 and a 52-week high of $61.90. The firm has a market capitalization of $230.64 million, a price-to-earnings ratio of -3.30 and a beta of 2.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) EPS for the quarter, topping the consensus estimate of ($1.19) by $0.29. As a group, sell-side analysts forecast that Corbus Pharmaceuticals will post -3.8 earnings per share for the current fiscal year.

Insider Activity

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were acquired at an average price of $20.01 per share, for a total transaction of $7,003,500.00. Following the purchase, the insider now directly owns 2,375,000 shares of the company’s stock, valued at $47,523,750. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. Ikarian Capital LLC grew its stake in Corbus Pharmaceuticals by 185.5% during the first quarter. Ikarian Capital LLC now owns 559,271 shares of the biopharmaceutical company’s stock valued at $21,946,000 after acquiring an additional 363,372 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Corbus Pharmaceuticals by 143.7% in the first quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock worth $17,158,000 after purchasing an additional 257,808 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Corbus Pharmaceuticals in the first quarter worth about $13,363,000. Darwin Global Management Ltd. purchased a new stake in shares of Corbus Pharmaceuticals in the second quarter worth about $14,267,000. Finally, Price T Rowe Associates Inc. MD bought a new position in Corbus Pharmaceuticals during the first quarter valued at approximately $7,554,000. Hedge funds and other institutional investors own 64.64% of the company’s stock.

Corbus Pharmaceuticals Company Profile

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.