Corbus Pharmaceuticals (NASDAQ:CRBP) PT Lowered to $51.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price cut by investment analysts at Wedbush from $85.00 to $51.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Wedbush’s target price would indicate a potential upside of 161.40% from the stock’s previous close.

CRBP has been the topic of a number of other research reports. Royal Bank of Canada reissued an “outperform” rating and set a $82.00 price objective on shares of Corbus Pharmaceuticals in a report on Friday. StockNews.com cut Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. Lifesci Capital raised Corbus Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 21st. Oppenheimer increased their price objective on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Corbus Pharmaceuticals in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.86.

Corbus Pharmaceuticals Price Performance

Shares of NASDAQ CRBP opened at $19.51 on Friday. Corbus Pharmaceuticals has a one year low of $3.03 and a one year high of $61.90. The business’s fifty day moving average price is $55.03 and its 200-day moving average price is $47.01. The stock has a market capitalization of $208.50 million, a PE ratio of -2.80 and a beta of 2.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating analysts’ consensus estimates of ($1.19) by $0.29. As a group, equities analysts expect that Corbus Pharmaceuticals will post -3.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the business. Ikarian Capital LLC increased its stake in Corbus Pharmaceuticals by 185.5% in 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 during the last quarter. Vanguard Group Inc. increased its position 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 purchasing an additional 257,808 shares during the last quarter. Janus Henderson Group PLC bought a new position in shares of Corbus Pharmaceuticals during the 1st quarter valued at about $13,363,000. Darwin Global Management Ltd. bought a new position in shares of Corbus Pharmaceuticals during the 2nd quarter valued at about $14,267,000. Finally, Price T Rowe Associates Inc. MD bought a new position in shares of Corbus Pharmaceuticals during the 1st quarter valued at about $7,554,000. 64.64% of the stock is currently owned by institutional investors.

Corbus Pharmaceuticals Company Profile

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.