Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Given Average Rating of “Buy” by Brokerages

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) has been assigned a consensus recommendation of “Buy” from the eight research firms that are currently covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $65.86.

Several equities research analysts recently weighed in on the company. B. Riley cut their price objective on Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, September 20th. StockNews.com cut Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $82.00 price objective on shares of Corbus Pharmaceuticals in a report on Friday, September 20th. Wedbush reissued an “outperform” rating and set a $51.00 target price on shares of Corbus Pharmaceuticals in a report on Monday, November 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Corbus Pharmaceuticals in a research note on Monday, September 23rd.

Corbus Pharmaceuticals Price Performance

Shares of Corbus Pharmaceuticals stock opened at $17.64 on Friday. The company’s 50 day moving average price is $18.23 and its two-hundred day moving average price is $39.83. The firm has a market capitalization of $214.86 million, a P/E ratio of -3.76 and a beta of 2.56. Corbus Pharmaceuticals has a fifty-two week low of $4.06 and a fifty-two week high of $61.90.

Insider Buying and Selling

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp bought 350,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average price of $20.01 per share, for a total transaction of $7,003,500.00. Following the transaction, the insider now directly owns 2,375,000 shares in the company, valued at approximately $47,523,750. This trade represents a 17.28 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its stake in shares of Corbus Pharmaceuticals by 34.6% in the 3rd quarter. State Street Corp now owns 595,576 shares of the biopharmaceutical company’s stock valued at $12,287,000 after acquiring an additional 153,243 shares in the last quarter. Ikarian Capital LLC increased its stake in Corbus Pharmaceuticals by 185.5% in the first quarter. Ikarian Capital LLC now owns 559,271 shares of the biopharmaceutical company’s stock valued at $21,946,000 after purchasing an additional 363,372 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Corbus Pharmaceuticals by 143.7% during the first quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after purchasing an additional 257,808 shares during the period. Janus Henderson Group PLC bought a new position in shares of Corbus Pharmaceuticals during the 1st quarter worth about $13,363,000. Finally, Darwin Global Management Ltd. acquired a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter valued at about $14,267,000. 64.64% of the stock is owned by institutional investors and hedge funds.

Corbus Pharmaceuticals Company Profile

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.