Corbus Pharmaceuticals (NASDAQ:CRBP) Receives “Outperform” Rating from Royal Bank of Canada

Corbus Pharmaceuticals (NASDAQ:CRBP)‘s stock had its “outperform” rating restated by analysts at Royal Bank of Canada in a research note issued to investors on Friday, Benzinga reports. They presently have a $82.00 price objective on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target points to a potential upside of 270.87% from the company’s previous close.

Other research analysts also recently issued reports about the company. B. Riley initiated coverage on Corbus Pharmaceuticals in a research note on Wednesday, June 26th. They set a “buy” rating and a $85.00 price target on the stock. Wedbush initiated coverage on Corbus Pharmaceuticals in a research note on Tuesday, July 30th. They set an “outperform” rating and a $85.00 price target on the stock. Lifesci Capital raised Corbus Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, August 21st. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Corbus Pharmaceuticals in a report on Tuesday, August 6th. Finally, Oppenheimer boosted their price objective on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $77.67.

Corbus Pharmaceuticals Stock Performance

Shares of NASDAQ:CRBP traded down $29.59 during midday trading on Friday, reaching $22.11. The company’s stock had a trading volume of 5,886,011 shares, compared to its average volume of 528,079. The firm has a market capitalization of $236.29 million, a price-to-earnings ratio of -3.15 and a beta of 2.56. The firm has a 50 day moving average price of $55.82 and a two-hundred day moving average price of $47.05. Corbus Pharmaceuticals has a fifty-two week low of $3.03 and a fifty-two week high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted 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. As a group, research analysts anticipate that Corbus Pharmaceuticals will post -3.77 earnings per share for the current year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp bought a new position in shares of Corbus Pharmaceuticals in the second quarter valued at approximately $1,368,000. Janus Henderson Group PLC bought a new position in shares of Corbus Pharmaceuticals in the first quarter valued at approximately $13,363,000. Price T Rowe Associates Inc. MD bought a new position in shares of Corbus Pharmaceuticals in the first quarter valued at approximately $7,554,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Corbus Pharmaceuticals in the first quarter valued at approximately $976,000. Finally, Acadian Asset Management LLC bought a new position in shares of Corbus Pharmaceuticals in the second quarter valued at approximately $716,000. 64.64% of the stock is owned by 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.