Royal Bank of Canada initiated coverage on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a research report report published on Friday, MarketBeat.com reports. The brokerage issued an outperform rating and a $23.00 price objective on the biopharmaceutical company’s stock.
A number of other equities research analysts also recently weighed in on CRBP. ValuEngine downgraded shares of Corbus Pharmaceuticals from a buy rating to a hold rating in a research note on Friday, August 10th. BidaskClub raised shares of Corbus Pharmaceuticals from a strong sell rating to a sell rating in a research note on Saturday, September 1st. Cantor Fitzgerald set a $36.00 target price on shares of Corbus Pharmaceuticals and gave the company a buy rating in a research note on Thursday, September 13th. Finally, B. Riley initiated coverage on shares of Corbus Pharmaceuticals in a research note on Wednesday, October 24th. They issued a buy rating and a $22.00 target price on the stock. One analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $26.25.
CRBP traded up $0.24 on Friday, reaching $6.90. The company had a trading volume of 733,043 shares, compared to its average volume of 483,137. The company has a market capitalization of $381.20 million, a P/E ratio of -10.62 and a beta of 2.15. Corbus Pharmaceuticals has a 52-week low of $4.50 and a 52-week high of $9.95.
Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its earnings results on Thursday, November 8th. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.05). The company had revenue of $1.09 million for the quarter, compared to analyst estimates of $1.66 million. As a group, research analysts anticipate that Corbus Pharmaceuticals will post -0.86 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of CRBP. Royal Bank of Canada grew its position in Corbus Pharmaceuticals by 2,742.5% during the first quarter. Royal Bank of Canada now owns 51,961 shares of the biopharmaceutical company’s stock valued at $317,000 after acquiring an additional 50,133 shares during the last quarter. Alps Advisors Inc. bought a new position in Corbus Pharmaceuticals during the second quarter valued at approximately $419,000. IFP Advisors Inc grew its position in Corbus Pharmaceuticals by 12.0% during the second quarter. IFP Advisors Inc now owns 1,500,805 shares of the biopharmaceutical company’s stock valued at $7,579,000 after acquiring an additional 160,250 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Corbus Pharmaceuticals by 13.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 109,573 shares of the biopharmaceutical company’s stock valued at $554,000 after acquiring an additional 12,700 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in Corbus Pharmaceuticals during the second quarter valued at approximately $704,000. Institutional investors and hedge funds own 43.87% of the company’s stock.
About Corbus Pharmaceuticals
Corbus Pharmaceuticals Holdings, Inc is a phase 3 clinical-stage pharmaceutical company, focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. The Company’s lead product candidate, lenabasum, is a novel, synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation and fibrotic processes.
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