Wedbush Reaffirms Outperform Rating for Corbus Pharmaceuticals (NASDAQ:CRBP)

Corbus Pharmaceuticals (NASDAQ:CRBP)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a report issued on Wednesday,RTT News reports. They presently have a $51.00 price target on the biopharmaceutical company’s stock.

A number of other equities research analysts have also recently commented on CRBP. Piper Sandler began coverage on shares of Corbus Pharmaceuticals in a research report on Monday, December 2nd. They set an “overweight” rating and a $35.00 target price for the company. Jefferies Financial Group decreased their price objective on Corbus Pharmaceuticals from $70.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday. StockNews.com raised Corbus Pharmaceuticals to a “sell” rating in a research report on Thursday, March 6th. HC Wainwright reaffirmed a “buy” rating and set a $50.00 target price (down from $75.00) on shares of Corbus Pharmaceuticals in a research report on Wednesday. Finally, William Blair initiated coverage on Corbus Pharmaceuticals in a report on Friday, February 28th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.13.

Corbus Pharmaceuticals Trading Down 7.1 %

Shares of NASDAQ CRBP opened at $6.42 on Wednesday. Corbus Pharmaceuticals has a 12-month low of $6.38 and a 12-month high of $61.90. The stock’s fifty day simple moving average is $9.56 and its two-hundred day simple moving average is $19.35. The stock has a market capitalization of $78.19 million, a PE ratio of -1.37 and a beta of 2.63.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its earnings results on Tuesday, March 11th. The biopharmaceutical company reported ($0.78) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.02) by $0.24. On average, equities analysts predict that Corbus Pharmaceuticals will post -4.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Millennium Management LLC increased its holdings in Corbus Pharmaceuticals by 215.0% in the 4th quarter. Millennium Management LLC now owns 386,653 shares of the biopharmaceutical company’s stock worth $4,563,000 after buying an additional 263,902 shares during the period. Orbimed Advisors LLC boosted its holdings in shares of Corbus Pharmaceuticals by 28.5% in the 4th quarter. Orbimed Advisors LLC now owns 1,172,287 shares of the biopharmaceutical company’s stock valued at $13,833,000 after acquiring an additional 259,735 shares during the last quarter. Altium Capital Management LLC increased its stake in shares of Corbus Pharmaceuticals by 97.4% in the fourth quarter. Altium Capital Management LLC now owns 385,000 shares of the biopharmaceutical company’s stock worth $4,543,000 after acquiring an additional 190,000 shares during the period. State Street Corp raised its holdings in shares of Corbus Pharmaceuticals by 34.6% during the third quarter. State Street Corp now owns 595,576 shares of the biopharmaceutical company’s stock worth $12,287,000 after purchasing an additional 153,243 shares during the last quarter. Finally, Prosight Management LP lifted its position in Corbus Pharmaceuticals by 107.7% during the fourth quarter. Prosight Management LP now owns 270,000 shares of the biopharmaceutical company’s stock valued at $3,186,000 after purchasing an additional 140,000 shares during the period. 64.64% of the stock is currently 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.