Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price Up 11.8% After Analyst Upgrade

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) rose 11.8% on Thursday after Oppenheimer raised their price target on the stock from $80.00 to $88.00. Oppenheimer currently has an outperform rating on the stock. Corbus Pharmaceuticals traded as high as $54.02 and last traded at $54.02. Approximately 84,274 shares changed hands during trading, a decline of 84% from the average daily volume of 542,347 shares. The stock had previously closed at $48.30.

A number of other research firms have also commented on CRBP. Wedbush assumed coverage on shares of Corbus Pharmaceuticals in a report on Tuesday, July 30th. They set an “outperform” rating and a $85.00 price target for the company. Royal Bank of Canada increased their target price on shares of Corbus Pharmaceuticals from $77.00 to $82.00 and gave the stock an “outperform” rating in a report on Tuesday, June 11th. StockNews.com upgraded Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Corbus Pharmaceuticals in a report on Tuesday. Finally, B. Riley initiated coverage on Corbus Pharmaceuticals in a research note on Wednesday, June 26th. They set a “buy” rating and a $85.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.67.

Insider Activity at Corbus Pharmaceuticals

In other news, CEO Yuval Cohen sold 11,103 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $46.02, for a total transaction of $510,960.06. Following the sale, the chief executive officer now owns 84,400 shares in the company, valued at approximately $3,884,088. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO Sean F. Moran sold 1,958 shares of the company’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $42.12, for a total value of $82,470.96. Following the transaction, the chief financial officer now owns 48,605 shares in the company, valued at approximately $2,047,242.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Yuval Cohen sold 11,103 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $46.02, for a total transaction of $510,960.06. Following the sale, the chief executive officer now owns 84,400 shares of the company’s stock, valued at $3,884,088. The disclosure for this sale can be found here. Insiders have sold 51,733 shares of company stock worth $2,530,799 over the last ninety days. 4.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

A number of institutional investors have recently made changes to their positions in CRBP. Ikarian Capital LLC boosted its stake in Corbus Pharmaceuticals by 185.5% during the 1st 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 during the last quarter. Janus Henderson Group PLC purchased a new position in Corbus Pharmaceuticals in the 1st quarter worth about $13,363,000. Assenagon Asset Management S.A. bought a new position in Corbus Pharmaceuticals during the 1st quarter valued at about $10,181,000. Vanguard Group Inc. boosted its holdings in shares of Corbus Pharmaceuticals by 143.7% during the 1st quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after acquiring an additional 257,808 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Corbus Pharmaceuticals in the first quarter worth approximately $7,554,000. Hedge funds and other institutional investors own 64.64% of the company’s stock.

Corbus Pharmaceuticals Price Performance

The stock’s 50-day moving average is $50.70 and its two-hundred day moving average is $40.24. The company has a market cap of $577.85 million, a P/E ratio of -7.47 and a beta of 2.59.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) EPS for the quarter, topping the consensus estimate of ($1.19) by $0.29. On average, analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -4.68 EPS for the current year.

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.