Corbus Pharmaceuticals (NASDAQ:CRBP) Given New $60.00 Price Target at Oppenheimer

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective hoisted by Oppenheimer from $58.00 to $60.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

Other equities research analysts also recently issued reports about the company. Jefferies Financial Group upgraded Corbus Pharmaceuticals from a hold rating to a buy rating and increased their price target for the stock from $4.00 to $46.00 in a report on Wednesday, March 6th. StockNews.com upgraded shares of Corbus Pharmaceuticals from a sell rating to a hold rating in a report on Wednesday, February 28th.

Corbus Pharmaceuticals Trading Up 6.6 %

NASDAQ CRBP opened at $42.39 on Wednesday. The firm has a market cap of $445.52 million, a price-to-earnings ratio of -4.09 and a beta of 2.46. The company has a 50 day moving average of $38.60 and a 200-day moving average of $20.33. Corbus Pharmaceuticals has a 1-year low of $3.03 and a 1-year high of $49.87.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its earnings results on Tuesday, March 12th. The biopharmaceutical company reported ($1.81) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.36) by $0.55. On average, analysts forecast that Corbus Pharmaceuticals will post -5.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Cormorant Asset Management, Lp bought 250,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was bought at an average price 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 $69,086,250. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Corbus Pharmaceuticals stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 24,880 shares of the biopharmaceutical company’s stock, valued at approximately $976,000. Mirae Asset Global Investments Co. Ltd. owned about 0.24% of Corbus Pharmaceuticals at the end of the most recent quarter. 64.64% of the stock is owned by hedge funds and other 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.