Corbus Pharmaceuticals (NASDAQ:CRBP) Issues Earnings Results, Misses Estimates By $0.10 EPS

Corbus Pharmaceuticals (NASDAQ:CRBP) posted its earnings results on Wednesday. The biopharmaceutical company reported ($1.90) EPS for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.10), Zacks reports.

Corbus Pharmaceuticals Stock Performance

Shares of Corbus Pharmaceuticals stock traded up $0.77 during trading hours on Wednesday, reaching $11.19. 462,542 shares of the company were exchanged, compared to its average volume of 226,728. The firm has a market cap of $137.13 million, a PE ratio of -2.35 and a beta of 2.69. Corbus Pharmaceuticals has a 1 year low of $4.64 and a 1 year high of $20.56. The stock’s fifty day moving average is $13.29 and its 200 day moving average is $10.08.

Analyst Ratings Changes

CRBP has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $40.00 target price on shares of Corbus Pharmaceuticals in a research note on Monday, October 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Wednesday, October 8th. Oppenheimer dropped their target price on shares of Corbus Pharmaceuticals from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, August 6th. Benchmark restated a “reduce” rating on shares of Corbus Pharmaceuticals in a research note on Monday, October 20th. Finally, Piper Sandler restated an “overweight” rating and set a $51.00 price target on shares of Corbus Pharmaceuticals in a research report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Corbus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Insider Buying and Selling at Corbus Pharmaceuticals

In related news, CEO Yuval Cohen sold 18,660 shares of the business’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $17.01, for a total transaction of $317,406.60. Following the completion of the transaction, the chief executive officer directly owned 138,187 shares of the company’s stock, valued at $2,350,560.87. The trade was a 11.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Sean F. Moran sold 12,981 shares of the stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $17.02, for a total value of $220,936.62. Following the completion of the sale, the chief financial officer directly owned 73,313 shares in the company, valued at $1,247,787.26. This represents a 15.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 41,674 shares of company stock valued at $713,870 over the last three months. 4.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Corbus Pharmaceuticals by 2.1% during the 3rd quarter. Vanguard Group Inc. now owns 612,030 shares of the biopharmaceutical company’s stock worth $7,742,000 after purchasing an additional 12,535 shares during the last quarter. AQR Capital Management LLC acquired a new stake in Corbus Pharmaceuticals in the first quarter valued at $573,000. Bank of America Corp DE lifted its holdings in Corbus Pharmaceuticals by 333.6% during the 2nd quarter. Bank of America Corp DE now owns 71,893 shares of the biopharmaceutical company’s stock worth $496,000 after buying an additional 55,314 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Corbus Pharmaceuticals during the 2nd quarter worth about $137,000. Hedge funds and other institutional investors 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.