Oppenheimer Issues Positive Forecast for Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price target upped by investment analysts at Oppenheimer from $53.00 to $57.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s price target indicates a potential upside of 488.84% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Royal Bank Of Canada dropped their price objective on Corbus Pharmaceuticals from $55.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, November 13th. Jefferies Financial Group raised shares of Corbus Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research note on Wednesday, January 21st. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Corbus Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $44.88.

Corbus Pharmaceuticals Trading Up 1.4%

Shares of NASDAQ:CRBP traded up $0.13 on Tuesday, reaching $9.68. 80,286 shares of the company’s stock were exchanged, compared to its average volume of 176,675. Corbus Pharmaceuticals has a twelve month low of $4.64 and a twelve month high of $20.56. The company has a fifty day moving average of $8.15 and a 200-day moving average of $10.54. The company has a market capitalization of $169.88 million, a price-to-earnings ratio of -1.76 and a beta of 2.84.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings data on Monday, March 9th. The biopharmaceutical company reported ($1.25) EPS for the quarter, topping analysts’ consensus estimates of ($1.78) by $0.53. As a group, equities research analysts forecast that Corbus Pharmaceuticals will post -4.23 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Cormorant Asset Management, Lp sold 30,029 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $11.46, for a total transaction of $344,132.34. Following the completion of the sale, the insider owned 2,344,971 shares of the company’s stock, valued at $26,873,367.66. This trade represents a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Dominic Smethurst sold 3,285 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $8.09, for a total transaction of $26,575.65. Following the transaction, the insider owned 95,887 shares in the company, valued at $775,725.83. The trade was a 3.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,729 shares of company stock worth $390,245 over the last 90 days. Company insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Velan Capital Investment Management LP raised its stake in shares of Corbus Pharmaceuticals by 3.4% during the third quarter. Velan Capital Investment Management LP now owns 61,000 shares of the biopharmaceutical company’s stock worth $772,000 after acquiring an additional 2,000 shares in the last quarter. Mariner LLC increased its position in shares of Corbus Pharmaceuticals by 34.0% in the third quarter. Mariner LLC now owns 20,840 shares of the biopharmaceutical company’s stock valued at $264,000 after acquiring an additional 5,289 shares during the period. Persistent Asset Partners Ltd bought a new position in shares of Corbus Pharmaceuticals during the fourth quarter valued at about $54,000. ADAR1 Capital Management LLC purchased a new stake in shares of Corbus Pharmaceuticals during the third quarter worth about $129,000. Finally, Virtu Financial LLC bought a new stake in shares of Corbus Pharmaceuticals in the fourth quarter worth about $88,000. 64.64% of the stock is owned by institutional investors.

Corbus Pharmaceuticals Company Profile

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.