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

Corbus Pharmaceuticals (NASDAQ:CRBP)‘s stock had its “outperform” rating reiterated by equities researchers at Wedbush in a research report issued to clients and investors on Wednesday,RTT News reports. They presently have a $51.00 price target on the biopharmaceutical company’s stock.

A number of other analysts also recently issued reports on CRBP. William Blair began coverage on Corbus Pharmaceuticals in a report on Friday, February 28th. They set an “outperform” rating for the company. Piper Sandler assumed coverage on shares of Corbus Pharmaceuticals in a report on Monday, December 2nd. They issued an “overweight” rating and a $35.00 target price for the company. StockNews.com upgraded shares of Corbus Pharmaceuticals to a “sell” rating in a research note on Thursday, March 6th. Jefferies Financial Group decreased their price objective on shares of Corbus Pharmaceuticals from $70.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, HC Wainwright reissued a “buy” rating and issued a $50.00 target price (down from $75.00) on shares of Corbus Pharmaceuticals in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.13.

Corbus Pharmaceuticals Stock Down 0.7 %

CRBP stock traded down $0.05 during midday trading on Wednesday, hitting $6.84. The company’s stock had a trading volume of 48,589 shares, compared to its average volume of 241,391. The firm has a 50-day simple moving average of $9.77 and a 200-day simple moving average of $19.53. Corbus Pharmaceuticals has a 52-week low of $6.54 and a 52-week high of $61.90. The firm has a market capitalization of $83.24 million, a P/E ratio of -1.46 and a beta of 2.63.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings results on Tuesday, March 11th. The biopharmaceutical company reported ($0.78) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.02) by $0.24. On average, sell-side analysts expect that Corbus Pharmaceuticals will post -4.23 earnings per share for the current fiscal year.

Institutional Trading of Corbus Pharmaceuticals

Several hedge funds have recently made changes to their positions in CRBP. Millennium Management LLC increased its position in Corbus Pharmaceuticals by 215.0% during the 4th quarter. Millennium Management LLC now owns 386,653 shares of the biopharmaceutical company’s stock worth $4,563,000 after purchasing an additional 263,902 shares during the period. Orbimed Advisors LLC lifted its position in shares of Corbus Pharmaceuticals by 28.5% during the 4th quarter. Orbimed Advisors LLC now owns 1,172,287 shares of the biopharmaceutical company’s stock valued at $13,833,000 after acquiring an additional 259,735 shares during the period. Altium Capital Management LLC grew its holdings in shares of Corbus Pharmaceuticals by 97.4% in the 4th quarter. Altium Capital Management LLC now owns 385,000 shares of the biopharmaceutical company’s stock worth $4,543,000 after acquiring an additional 190,000 shares during the period. State Street Corp grew its holdings in Corbus Pharmaceuticals by 34.6% in the third quarter. State Street Corp now owns 595,576 shares of the biopharmaceutical company’s stock valued at $12,287,000 after purchasing an additional 153,243 shares during the last quarter. Finally, Prosight Management LP boosted its position in shares of Corbus Pharmaceuticals by 107.7% in the 4th quarter. Prosight Management LP now owns 270,000 shares of the biopharmaceutical company’s stock worth $3,186,000 after buying an additional 140,000 shares in the last quarter. Institutional investors and hedge funds 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.