Corbus Pharmaceuticals’ (CRBP) “Buy” Rating Reaffirmed at HC Wainwright

Corbus Pharmaceuticals (NASDAQ:CRBP)‘s stock had its “buy” rating reissued by HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $40.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s target price indicates a potential upside of 381.35% from the stock’s current price.

CRBP has been the subject of several other reports. Mizuho lifted their price objective on Corbus Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday. Jefferies Financial Group reduced their price objective on Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Oppenheimer cut their price target on Corbus Pharmaceuticals from $57.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Wall Street Zen raised Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Corbus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $42.89.

Corbus Pharmaceuticals Stock Performance

CRBP stock traded down $3.04 during midday trading on Tuesday, hitting $8.31. 2,012,701 shares of the stock were exchanged, compared to its average volume of 248,244. The stock’s 50-day moving average price is $10.05 and its 200-day moving average price is $9.42. The stock has a market cap of $153.98 million, a price-to-earnings ratio of -1.43 and a beta of 2.68. Corbus Pharmaceuticals has a fifty-two week low of $6.72 and a fifty-two week high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.26) by $0.03. Research analysts anticipate that Corbus Pharmaceuticals will post -4.83 EPS for the current year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the stock. Orbimed Advisors LLC increased its stake in 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 purchasing an additional 140,000 shares during the last quarter. Aberdeen Group plc increased its stake in Corbus Pharmaceuticals by 602.2% in the fourth quarter. Aberdeen Group plc now owns 1,321,750 shares of the biopharmaceutical company’s stock valued at $10,759,000 after purchasing an additional 1,133,519 shares during the last quarter. Prosight Management LP increased its stake in Corbus Pharmaceuticals by 99.1% in the fourth quarter. Prosight Management LP now owns 683,872 shares of the biopharmaceutical company’s stock valued at $5,567,000 after purchasing an additional 340,472 shares during the last quarter. Vanguard Group Inc. increased its stake in Corbus Pharmaceuticals by 2.1% in the third quarter. Vanguard Group Inc. now owns 612,030 shares of the biopharmaceutical company’s stock valued at $7,742,000 after purchasing an additional 12,535 shares during the last quarter. Finally, Armistice Capital LLC increased its stake in Corbus Pharmaceuticals by 179.2% in the fourth quarter. Armistice Capital LLC now owns 536,000 shares of the biopharmaceutical company’s stock valued at $4,363,000 after purchasing an additional 344,000 shares during the last quarter. 64.64% of the stock is owned by institutional investors and hedge funds.

About Corbus Pharmaceuticals

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.