HC Wainwright Reiterates “Buy” Rating for Corbus Pharmaceuticals (NASDAQ:CRBP)

by · The Cerbat Gem

Corbus Pharmaceuticals (NASDAQ:CRBP – Get Free Report)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They currently have a $35.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price target suggests a potential upside of 321.94% from the stock’s current price.

CRBP has been the subject of several other reports. Guggenheim reiterated a “buy” rating on shares of Corbus Pharmaceuticals in a research report on Tuesday, May 26th. Oppenheimer cut their price objective on shares of Corbus Pharmaceuticals from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Wall Street Zen lowered Corbus Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Wedbush reduced their price target on shares of Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Get Our Latest Research Report on CRBP

Corbus Pharmaceuticals Price Performance

Shares of CRBP traded up $0.17 on Monday, reaching $8.29. The company’s stock had a trading volume of 6,905,243 shares, compared to its average volume of 413,084. Corbus Pharmaceuticals has a 12-month low of $7.12 and a 12-month high of $20.56. The stock has a market capitalization of $154.87 million, a P/E ratio of -1.35 and a beta of 2.63. The stock’s 50 day simple moving average is $9.77 and its two-hundred day simple moving average is $9.44.

Corbus Pharmaceuticals (NASDAQ:CRBP – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($1.26) by ($0.55). Analysts expect that Corbus Pharmaceuticals will post -5.62 earnings per share for the current year.

Insider Activity at Corbus Pharmaceuticals

In other news, CFO Sean F. Moran sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $10.08, for a total transaction of $120,960.00. Following the sale, the chief financial officer directly owned 84,694 shares in the company, valued at approximately $853,715.52. The trade was a 12.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Nishant C. Saxena bought 2,600 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was purchased at an average price of $9.63 per share, with a total value of $25,038.00. Following the completion of the purchase, the insider directly owned 77,900 shares of the company’s stock, valued at $750,177. This represents a 3.45% increase in their position. The disclosure for this purchase is available in the SEC filing. 3.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of hedge funds have recently made changes to their positions in CRBP. Orbimed Advisors LLC boosted its position in shares of Corbus Pharmaceuticals by 36.3% during the 4th quarter. Orbimed Advisors LLC now owns 1,597,287 shares of the biopharmaceutical company’s stock valued at $13,002,000 after acquiring an additional 425,000 shares in the last quarter. Armistice Capital LLC raised its holdings in shares of Corbus Pharmaceuticals by 179.2% in the 4th quarter. Armistice Capital LLC now owns 536,000 shares of the biopharmaceutical company’s stock worth $4,363,000 after buying an additional 344,000 shares in the last quarter. Prosight Management LP lifted its position in shares of Corbus Pharmaceuticals by 99.1% during the 4th quarter. Prosight Management LP now owns 683,872 shares of the biopharmaceutical company’s stock worth $5,567,000 after buying an additional 340,472 shares during the period. ADAR1 Capital Management LLC grew its position in Corbus Pharmaceuticals by 2,711.6% in the fourth quarter. ADAR1 Capital Management LLC now owns 286,781 shares of the biopharmaceutical company’s stock valued at $2,334,000 after acquiring an additional 276,581 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Corbus Pharmaceuticals by 230.5% during the fourth quarter. Renaissance Technologies LLC now owns 354,300 shares of the biopharmaceutical company’s stock worth $2,884,000 after acquiring an additional 247,100 shares in the last quarter. Institutional investors and hedge funds own 64.64% of the company’s stock.

Corbus Pharmaceuticals Company Profile

(Get Free Report)

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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