Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP – Get Free Report)’s share price crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $9.30 and traded as low as $8.88. Corbus Pharmaceuticals shares last traded at $9.38, with a volume of 585,935 shares changing hands.
Wall Street Analyst Weigh In
A number of analysts have issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research note on Monday, April 20th. Mizuho dropped their price objective on shares of Corbus Pharmaceuticals from $44.00 to $34.00 and set an “outperform” rating for the company in a research note on Tuesday, June 23rd. Jefferies Financial Group dropped their price objective on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Wall Street Zen upgraded shares of Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. Finally, Guggenheim reissued a “buy” rating on shares of Corbus Pharmaceuticals in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $40.67.
Read Our Latest Report on CRBP
Corbus Pharmaceuticals Stock Performance
Corbus Pharmaceuticals (NASDAQ:CRBP – Get Free Report) last issued its earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.03. On average, analysts expect that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 earnings per share for the current year.
Insider Transactions at Corbus Pharmaceuticals
In other news, insider Nishant C. Saxena bought 9,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was acquired at an average price of $7.58 per share, for a total transaction of $68,220.00. Following the acquisition, the insider owned 75,300 shares of the company’s stock, valued at $570,774. This trade represents a 13.57% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John Kenneth Jenkins sold 4,800 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total transaction of $37,968.00. Following the sale, the director directly owned 3,833 shares of the company’s stock, valued at approximately $30,319.03. This trade represents a 55.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 9,238 shares of company stock worth $73,073. Company insiders own 3.50% of the company’s stock.
Institutional Investors Weigh In On Corbus Pharmaceuticals
Institutional investors have recently bought and sold shares of the business. Seven Fleet Capital Management LP increased its position in shares of Corbus Pharmaceuticals by 51.0% in the first quarter. Seven Fleet Capital Management LP now owns 85,687 shares of the biopharmaceutical company’s stock worth $805,000 after acquiring an additional 28,937 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Corbus Pharmaceuticals by 53,592.3% during the first quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock worth $131,000 after purchasing an additional 13,934 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Corbus Pharmaceuticals by 81.2% in the first quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company’s stock worth $281,000 after buying an additional 13,401 shares during the period. Exome Asset Management LLC boosted its position in shares of Corbus Pharmaceuticals by 67.8% in the first quarter. Exome Asset Management LLC now owns 234,136 shares of the biopharmaceutical company’s stock worth $2,199,000 after buying an additional 94,593 shares during the period. Finally, Orbimed Advisors LLC grew its stake in shares of Corbus Pharmaceuticals by 8.8% in the first quarter. Orbimed Advisors LLC now owns 1,737,287 shares of the biopharmaceutical company’s stock valued at $16,313,000 after buying an additional 140,000 shares in the last quarter. 64.64% of the stock is currently owned by hedge funds and other institutional investors.
Corbus Pharmaceuticals Company Profile
Corbus Pharmaceuticals Holdings, Inc is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of therapeutic candidates for rare, life-threatening inflammatory and fibrotic diseases. The company’s lead investigational therapy, lenabasum, is a synthetic, oral cannabinoid receptor type 2 (CB2) agonist designed to resolve chronic inflammation by harnessing the body’s innate resolution pathways. Corbus operates by advancing small-molecule compounds through preclinical and clinical studies to address unmet medical needs in autoimmune and inflammatory disorders.
Lenabasum is currently under evaluation in a Phase 3 clinical trial for diffuse cutaneous systemic sclerosis (dcSSc) and in a Phase 2 study for cystic fibrosis–related inflammation.
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