StockNews.com lowered shares of Corbus Pharmaceuticals (NASDAQ:CRBP – Free Report) from a hold rating to a sell rating in a research report sent to investors on Saturday.
Other analysts have also recently issued research reports about the company. Oppenheimer lifted their price target on Corbus Pharmaceuticals from $58.00 to $60.00 and gave the stock an outperform rating in a research report on Wednesday, May 8th. Jefferies Financial Group upgraded Corbus Pharmaceuticals from a hold rating to a buy rating and upped their target price for the company from $4.00 to $46.00 in a research report on Wednesday, March 6th. Finally, Royal Bank of Canada initiated coverage on shares of Corbus Pharmaceuticals in a research report on Monday, May 13th. They set an outperform rating and a $77.00 price target for the company.
Read Our Latest Stock Analysis on CRBP
Corbus Pharmaceuticals Stock Performance
Corbus Pharmaceuticals (NASDAQ:CRBP – Get Free Report) last released its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.09) by $0.26. On average, sell-side analysts predict that Corbus Pharmaceuticals will post -5.86 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, major shareholder Cormorant Asset Management, Lp purchased 250,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was bought at an average cost of $40.05 per share, with a total value of $10,012,500.00. Following the completion of the acquisition, the insider now owns 1,725,000 shares of the company’s stock, valued at approximately $69,086,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.00% of the stock is owned by corporate insiders.
Institutional Trading of Corbus Pharmaceuticals
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ikarian Capital LLC boosted its stake in shares of Corbus Pharmaceuticals by 185.5% during the 1st quarter. Ikarian Capital LLC now owns 559,271 shares of the biopharmaceutical company’s stock worth $21,946,000 after acquiring an additional 363,372 shares in the last quarter. Janus Henderson Group PLC purchased a new position in Corbus Pharmaceuticals during the first quarter worth approximately $13,363,000. Price T Rowe Associates Inc. MD acquired a new stake in Corbus Pharmaceuticals in the first quarter valued at approximately $7,554,000. Altitude Crest Partners Inc. acquired a new position in shares of Corbus Pharmaceuticals during the 1st quarter worth approximately $4,069,000. Finally, Vanguard Group Inc. raised its stake 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 worth $17,158,000 after buying an additional 257,808 shares during the period. Institutional investors and hedge funds own 64.64% of the company’s stock.
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.
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