Corbus Pharmaceuticals (NASDAQ:CRBP) Announces Earnings Results

Corbus Pharmaceuticals (NASDAQ:CRBP) posted its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.29, Yahoo Finance reports.

Corbus Pharmaceuticals Stock Performance

NASDAQ:CRBP traded down $5.23 on Wednesday, hitting $47.71. 249,407 shares of the stock were exchanged, compared to its average volume of 544,288. The stock has a market capitalization of $510.02 million, a price-to-earnings ratio of -6.96 and a beta of 2.59. Corbus Pharmaceuticals has a 52 week low of $3.03 and a 52 week high of $61.90. The company’s 50-day moving average price is $50.60 and its 200 day moving average price is $40.18.

Wall Street Analyst Weigh In

CRBP has been the subject of a number of analyst reports. Oppenheimer lifted their price objective on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday. B. Riley initiated coverage on Corbus Pharmaceuticals in a report on Wednesday, June 26th. They set a “buy” rating and a $85.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Corbus Pharmaceuticals in a report on Tuesday. Wedbush initiated coverage on Corbus Pharmaceuticals in a report on Tuesday, July 30th. They issued an “outperform” rating and a $85.00 price target for the company. Finally, StockNews.com raised Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Corbus Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $77.67.

Insiders Place Their Bets

In other Corbus Pharmaceuticals news, CFO Sean F. Moran sold 1,958 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $42.12, for a total transaction of $82,470.96. Following the completion of the sale, the chief financial officer now directly owns 48,605 shares of the company’s stock, valued at approximately $2,047,242.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Yuval Cohen sold 11,103 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $46.02, for a total transaction of $510,960.06. Following the completion of the transaction, the chief executive officer now directly owns 84,400 shares in the company, valued at approximately $3,884,088. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Sean F. Moran sold 1,958 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $42.12, for a total value of $82,470.96. Following the transaction, the chief financial officer now owns 48,605 shares of the company’s stock, valued at $2,047,242.60. The disclosure for this sale can be found here. In the last three months, insiders sold 51,733 shares of company stock valued at $2,530,799. 4.00% of the stock is currently owned by insiders.

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.