Insider Selling: Corbus Pharmaceuticals (NASDAQ:CRBP) Director Sells 4,800 Shares of Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Director John Kenneth Jenkins sold 4,800 shares of Corbus Pharmaceuticals stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total transaction of $37,968.00. Following the transaction, the director directly owned 3,833 shares in the company, valued at approximately $30,319.03. This represents a 55.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Corbus Pharmaceuticals Price Performance

CRBP stock traded up $0.08 during midday trading on Thursday, hitting $7.78. The company’s stock had a trading volume of 358,322 shares, compared to its average volume of 312,483. Corbus Pharmaceuticals Holdings, Inc. has a twelve month low of $6.72 and a twelve month high of $20.56. The company’s fifty day moving average price is $9.77 and its 200 day moving average price is $9.14. The stock has a market capitalization of $144.15 million, a P/E ratio of -1.34 and a beta of 2.57.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.03. Equities analysts expect that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Velan Capital Investment Management LP grew its holdings in shares of Corbus Pharmaceuticals by 3.4% in the third quarter. Velan Capital Investment Management LP now owns 61,000 shares of the biopharmaceutical company’s stock valued at $772,000 after purchasing an additional 2,000 shares in the last quarter. Pale Fire Capital SE grew its holdings in shares of Corbus Pharmaceuticals by 14.5% in the first quarter. Pale Fire Capital SE now owns 21,350 shares of the biopharmaceutical company’s stock valued at $200,000 after purchasing an additional 2,700 shares in the last quarter. Mariner LLC grew its holdings in shares of Corbus Pharmaceuticals by 34.0% in the third quarter. Mariner LLC now owns 20,840 shares of the biopharmaceutical company’s stock valued at $264,000 after purchasing an additional 5,289 shares in the last quarter. Persistent Asset Partners Ltd purchased a new position in shares of Corbus Pharmaceuticals in the fourth quarter valued at $54,000. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Corbus Pharmaceuticals in the third quarter valued at $129,000. 64.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

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.