Oppenheimer Lowers Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $56.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price decreased by analysts at Oppenheimer from $60.00 to $56.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock.

Several other equities research analysts have also commented on CRBP. StockNews.com raised shares of Corbus Pharmaceuticals to a “sell” rating in a report on Thursday, March 6th. Jefferies Financial Group reduced their price target on Corbus Pharmaceuticals from $70.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. William Blair started coverage on shares of Corbus Pharmaceuticals in a research note on Friday, February 28th. They set an “outperform” rating on the stock. Wedbush reiterated an “outperform” rating and issued a $51.00 target price on shares of Corbus Pharmaceuticals in a research note on Wednesday, March 12th. Finally, HC Wainwright dropped their price target on shares of Corbus Pharmaceuticals from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.88.

Corbus Pharmaceuticals Stock Performance

Corbus Pharmaceuticals stock opened at $6.63 on Wednesday. The business’s 50-day simple moving average is $6.33 and its two-hundred day simple moving average is $10.93. The company has a market cap of $81.10 million, a PE ratio of -1.41 and a beta of 3.19. Corbus Pharmaceuticals has a fifty-two week low of $4.64 and a fifty-two week high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.26) by ($0.13). As a group, analysts predict that Corbus Pharmaceuticals will post -4.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Several institutional investors have recently bought and sold shares of CRBP. JPMorgan Chase & Co. boosted its stake in shares of Corbus Pharmaceuticals by 27.0% in the third quarter. JPMorgan Chase & Co. now owns 5,507 shares of the biopharmaceutical company’s stock worth $114,000 after acquiring an additional 1,172 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Corbus Pharmaceuticals by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 6,444 shares of the biopharmaceutical company’s stock worth $76,000 after purchasing an additional 2,195 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Corbus Pharmaceuticals by 46.8% during the fourth quarter. Deutsche Bank AG now owns 8,206 shares of the biopharmaceutical company’s stock worth $97,000 after buying an additional 2,616 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Corbus Pharmaceuticals by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 97,882 shares of the biopharmaceutical company’s stock valued at $1,155,000 after buying an additional 4,239 shares during the last quarter. Finally, Velan Capital Investment Management LP lifted its stake in shares of Corbus Pharmaceuticals by 13.4% in the fourth quarter. Velan Capital Investment Management LP now owns 56,700 shares of the biopharmaceutical company’s stock worth $669,000 after buying an additional 6,700 shares in the last quarter. 64.64% of the stock is currently 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.