Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target Lowered to $53.00 at Royal Bank Of Canada

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price reduced by Royal Bank Of Canada from $55.00 to $53.00 in a research report released on Thursday,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

A number of other research firms have also recently commented on CRBP. Benchmark reiterated a “reduce” rating on shares of Corbus Pharmaceuticals in a research note on Monday, October 20th. Mizuho set a $39.00 price objective on shares of Corbus Pharmaceuticals in a research report on Wednesday, October 29th. Oppenheimer lowered their target price on shares of Corbus Pharmaceuticals from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, August 6th. HC Wainwright restated a “buy” rating and set a $40.00 price target on shares of Corbus Pharmaceuticals in a research note on Monday, October 20th. Finally, Wedbush lifted their price objective on shares of Corbus Pharmaceuticals from $31.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Corbus Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $44.38.

Corbus Pharmaceuticals Stock Performance

NASDAQ CRBP remained flat at $11.07 during midday trading on Thursday. The company’s stock had a trading volume of 295,991 shares, compared to its average volume of 227,272. The stock has a market capitalization of $135.66 million, a P/E ratio of -2.33 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 firm has a 50 day simple moving average of $13.36 and a 200-day simple moving average of $10.12.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its earnings results on Wednesday, November 12th. The biopharmaceutical company reported ($1.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.80) by ($0.10). As a group, research analysts anticipate that Corbus Pharmaceuticals will post -4.23 EPS for the current year.

Insider Transactions at Corbus Pharmaceuticals

In related news, CEO Yuval Cohen sold 8,973 shares of the firm’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $17.14, for a total transaction of $153,797.22. Following the sale, the chief executive officer directly owned 138,187 shares of the company’s stock, valued at $2,368,525.18. This trade represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sean F. Moran sold 12,981 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 73,313 shares of the company’s stock, valued at $1,247,787.26. The trade was a 15.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 41,674 shares of company stock worth $713,870 in the last 90 days. Company insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. Corton Capital Inc. acquired a new position in Corbus Pharmaceuticals in the 2nd quarter worth about $86,000. ADAR1 Capital Management LLC purchased a new stake in shares of Corbus Pharmaceuticals during the third quarter worth about $129,000. Marshall Wace LLP purchased a new position in Corbus Pharmaceuticals in the 2nd quarter valued at about $137,000. Baker Avenue Asset Management LP purchased a new stake in Corbus Pharmaceuticals during the 2nd quarter worth approximately $138,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Corbus Pharmaceuticals in the second quarter valued at approximately $141,000. 64.64% of the stock is owned by hedge funds and other institutional investors.

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.