Corbus Pharmaceuticals (NASDAQ:CRBP) Announces Earnings Results, Misses Expectations By $0.54 EPS

Corbus Pharmaceuticals (NASDAQ:CRBP) issued its quarterly earnings data on Tuesday. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.54), FiscalAI reports.

Corbus Pharmaceuticals Trading Up 3.4%

Shares of NASDAQ:CRBP traded up $0.12 on Tuesday, reaching $3.64. 158,208 shares of the company traded hands, compared to its average volume of 546,361. The business’s 50-day simple moving average is $6.28 and its 200 day simple moving average is $8.45. Corbus Pharmaceuticals has a 52 week low of $2.81 and a 52 week high of $12.88. The stock has a market capitalization of $67.96 million, a P/E ratio of -0.59 and a beta of 2.80.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CRBP. Mizuho set a $33.00 price target on shares of Corbus Pharmaceuticals in a research note on Thursday, August 13th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price objective on shares of Corbus Pharmaceuticals in a research note on Monday, September 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a report on Thursday, October 15th. Wall Street Zen cut shares of Corbus Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Finally, Oppenheimer dropped their target price on Corbus Pharmaceuticals from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Corbus Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $39.57.

Insider Buying and Selling

In related news, major shareholder Cormorant Asset Management, Lp sold 425,000 shares of the company’s stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $4.10, for a total transaction of $1,742,500.00. Following the completion of the sale, the insider directly owned 1,919,971 shares in the company, valued at $7,871,881.10. This represents a 18.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.50% of the stock is owned by company insiders.

About Corbus Pharmaceuticals

Corbus Pharmaceuticals Holdings, Inc is a biopharmaceutical company focused on developing medicines for serious diseases in oncology and immunology. The company’s research is centered on therapies designed to modulate immune-cell activity and target biological pathways involved in cancer and inflammatory disease.

Corbus’ oncology pipeline has included soquelitinib, formerly known as CPI-818, an oral, selective inhibitor of interleukin-2-inducible T-cell kinase (ITK) being evaluated for its potential to treat T-cell lymphomas and other cancers.