Corbus Pharmaceuticals (NASDAQ:CRBP) PT Lowered to $40.00 at B. Riley

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective cut by investment analysts at B. Riley from $85.00 to $40.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. B. Riley’s price objective points to a potential upside of 89.21% from the stock’s previous close.

Several other equities research analysts have also issued reports on CRBP. Wedbush lowered their price target on shares of Corbus Pharmaceuticals from $85.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday. Royal Bank of Canada reiterated an “outperform” rating and set a $82.00 target price on shares of Corbus Pharmaceuticals in a report on Friday. Mizuho reaffirmed an “outperform” rating and set a $74.00 price target on shares of Corbus Pharmaceuticals in a research report on Friday. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Corbus Pharmaceuticals in a report on Tuesday, August 6th. Finally, Oppenheimer boosted their target price on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.86.

Corbus Pharmaceuticals Price Performance

Shares of CRBP traded down $30.56 during midday trading on Friday, hitting $21.14. The stock had a trading volume of 9,497,958 shares, compared to its average volume of 547,924. The firm has a market cap of $225.92 million, a price-to-earnings ratio of -3.04 and a beta of 2.56. The company has a 50 day simple moving average of $55.82 and a two-hundred day simple moving average of $47.05. Corbus Pharmaceuticals has a twelve month low of $3.03 and a twelve month high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.29. Analysts forecast that Corbus Pharmaceuticals will post -3.77 EPS for the current fiscal year.

Institutional Trading of Corbus Pharmaceuticals

A number of hedge funds have recently modified their holdings of CRBP. Rhumbline Advisers acquired a new stake in Corbus Pharmaceuticals during the 2nd quarter worth approximately $638,000. Acadian Asset Management LLC bought a new stake in shares of Corbus Pharmaceuticals in the second quarter valued at about $716,000. ClariVest Asset Management LLC acquired a new position in shares of Corbus Pharmaceuticals in the second quarter valued at about $725,000. Victory Capital Management Inc. bought a new position in Corbus Pharmaceuticals during the second quarter worth about $862,000. Finally, The Manufacturers Life Insurance Company raised its stake in Corbus Pharmaceuticals by 100.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,131 shares of the biopharmaceutical company’s stock worth $956,000 after purchasing an additional 10,604 shares in the last quarter. Institutional investors and hedge funds 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.