Corbus Pharmaceuticals (NASDAQ:CRBP) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Corbus Pharmaceuticals (NASDAQ:CRBP) from a sell rating to a strong sell rating in a report issued on Saturday.

A number of other equities research analysts have also commented on CRBP. Mizuho dropped their price target on Corbus Pharmaceuticals from $44.00 to $34.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 23rd. Guggenheim reiterated a “buy” rating on shares of Corbus Pharmaceuticals in a research report on Tuesday, May 26th. Oppenheimer lowered their target price on Corbus Pharmaceuticals from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday. Wedbush dropped their target price on shares of Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Finally, HC Wainwright cut their price target on shares of Corbus Pharmaceuticals from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Corbus Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $41.12.

Corbus Pharmaceuticals Stock Down 7.0%

CRBP opened at $9.46 on Friday. The stock has a market cap of $175.29 million, a P/E ratio of -1.53 and a beta of 2.59. Corbus Pharmaceuticals has a 12 month low of $7.12 and a 12 month high of $20.56. The company has a fifty day simple moving average of $8.76 and a 200 day simple moving average of $9.06.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($1.26) by ($0.55). On average, equities research analysts expect that Corbus Pharmaceuticals will post -4.87 earnings per share for the current fiscal year.

Insider Transactions at Corbus Pharmaceuticals

In other news, CFO Sean F. Moran sold 12,000 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $10.08, for a total transaction of $120,960.00. Following the completion of the transaction, the chief financial officer directly owned 84,694 shares of the company’s stock, valued at $853,715.52. This represents a 12.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Kenneth Jenkins sold 4,800 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total value of $37,968.00. Following the transaction, the director owned 3,833 shares of the company’s stock, valued at approximately $30,319.03. The trade was a 55.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 38,238 shares of company stock worth $365,393. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of large investors have recently bought and sold shares of the company. Orbimed Advisors LLC raised its holdings in shares of Corbus Pharmaceuticals by 8.8% in the first quarter. Orbimed Advisors LLC now owns 1,737,287 shares of the biopharmaceutical company’s stock valued at $16,313,000 after purchasing an additional 140,000 shares during the last quarter. Exome Asset Management LLC increased its stake in Corbus Pharmaceuticals by 67.8% in the 1st quarter. Exome Asset Management LLC now owns 234,136 shares of the biopharmaceutical company’s stock valued at $2,199,000 after buying an additional 94,593 shares during the last quarter. Seven Fleet Capital Management LP increased its stake in Corbus Pharmaceuticals by 51.0% in the 1st quarter. Seven Fleet Capital Management LP now owns 85,687 shares of the biopharmaceutical company’s stock valued at $805,000 after buying an additional 28,937 shares during the last quarter. Bank of America Corp DE increased its stake in Corbus Pharmaceuticals by 53,592.3% in the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock valued at $131,000 after buying an additional 13,934 shares during the last quarter. Finally, Royal Bank of Canada lifted its position in Corbus Pharmaceuticals by 81.2% during the 1st quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company’s stock worth $281,000 after buying an additional 13,401 shares in the last quarter. Institutional investors and hedge funds own 64.64% of the company’s stock.

Corbus Pharmaceuticals Company Profile

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.