Corbus Pharmaceuticals (NASDAQ:CRBP) Receives New Coverage from Analysts at Royal Bank of Canada

Royal Bank of Canada began coverage on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a report issued on Monday, Marketbeat reports. The brokerage issued an outperform rating and a $77.00 price objective on the biopharmaceutical company’s stock.

A number of other equities analysts have also commented on CRBP. Oppenheimer lifted their price target on shares of Corbus Pharmaceuticals from $58.00 to $60.00 and gave the company an outperform rating in a research report on Wednesday, May 8th. StockNews.com lowered shares of Corbus Pharmaceuticals from a hold rating to a sell rating in a research report on Thursday, May 9th. Finally, Jefferies Financial Group raised Corbus Pharmaceuticals from a hold rating to a buy rating and raised their price target for the company from $4.00 to $46.00 in a research report on Wednesday, March 6th.

Corbus Pharmaceuticals Price Performance

CRBP stock opened at $42.87 on Monday. The firm has a 50 day moving average of $39.01 and a two-hundred day moving average of $20.96. Corbus Pharmaceuticals has a 12 month low of $3.03 and a 12 month high of $49.87.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its earnings results on Tuesday, March 12th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, beating the consensus estimate of ($2.36) by $0.55. Research analysts anticipate that Corbus Pharmaceuticals will post -5.86 EPS for the current year.

Insider Buying and Selling

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp purchased 250,000 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was purchased at an average price of $40.05 per share, with a total value of $10,012,500.00. Following the completion of the transaction, the insider now directly owns 1,725,000 shares of the company’s stock, valued at approximately $69,086,250. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Corbus Pharmaceuticals by 143.7% in the 1st quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock worth $17,158,000 after purchasing an additional 257,808 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Corbus Pharmaceuticals in the 1st quarter valued at $976,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Corbus Pharmaceuticals during the first quarter worth $10,181,000. 64.64% of the stock is owned by institutional investors.

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.