Corbus Pharmaceuticals (NASDAQ:CRBP) Insider Nishant Saxena Acquires 9,000 Shares of Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) insider Nishant Saxena bought 9,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were bought at an average cost of $7.58 per share, with a total value of $68,220.00. Following the transaction, the insider directly owned 75,300 shares of the company’s stock, valued at approximately $570,774. This trade represents a 13.57% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Corbus Pharmaceuticals Stock Down 2.1%

Shares of Corbus Pharmaceuticals stock opened at $7.38 on Thursday. The stock has a market capitalization of $136.75 million, a P/E ratio of -1.27 and a beta of 2.57. The stock has a 50 day moving average price of $9.86 and a two-hundred day moving average price of $9.28. Corbus Pharmaceuticals Holdings, Inc. has a 12-month low of $6.72 and a 12-month high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.03. Sell-side analysts anticipate that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Oppenheimer reduced their price objective on Corbus Pharmaceuticals from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Guggenheim reissued a “buy” rating on shares of Corbus Pharmaceuticals in a research report on Tuesday, May 26th. Mizuho increased their price objective on Corbus Pharmaceuticals from $40.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, May 22nd. Wall Street Zen raised Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Finally, Wedbush reduced their price objective on Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $42.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Persistent Asset Partners Ltd bought a new position in shares of Corbus Pharmaceuticals during the fourth quarter valued at $54,000. ADAR1 Capital Management LLC bought a new position in shares of Corbus Pharmaceuticals during the third quarter valued at $129,000. Virtu Financial LLC bought a new position in shares of Corbus Pharmaceuticals during the fourth quarter valued at $88,000. Bank of America Corp DE lifted its holdings in shares of Corbus Pharmaceuticals by 53,592.3% during the first quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock valued at $131,000 after acquiring an additional 13,934 shares during the period. Finally, Barclays PLC lifted its holdings in shares of Corbus Pharmaceuticals by 280.0% during the fourth quarter. Barclays PLC now owns 14,758 shares of the biopharmaceutical company’s stock valued at $120,000 after acquiring an additional 10,874 shares during the period. 64.64% of the stock is 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.