Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price Crosses Above 50-Day Moving Average – What’s Next?

Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $8.41 and traded as high as $8.50. Corbus Pharmaceuticals shares last traded at $8.18, with a volume of 120,634 shares.

Analysts Set New Price Targets

A number of equities analysts recently commented on CRBP shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research note on Wednesday, January 21st. Jefferies Financial Group upgraded Corbus Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, February 18th. Finally, Oppenheimer upped their price target on Corbus Pharmaceuticals from $53.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, March 10th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Corbus Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $43.71.

Corbus Pharmaceuticals Price Performance

The stock’s fifty day simple moving average is $8.43 and its 200-day simple moving average is $10.47. The stock has a market cap of $163.92 million, a P/E ratio of -1.55 and a beta of 2.84.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its earnings results on Monday, March 9th. The biopharmaceutical company reported ($1.25) EPS for the quarter, beating the consensus estimate of ($1.78) by $0.53. Analysts forecast that Corbus Pharmaceuticals Holdings, Inc. will post -4.23 EPS for the current year.

Insiders Place Their Bets

In other Corbus Pharmaceuticals news, insider Dominic Smethurst sold 3,285 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $8.09, for a total value of $26,575.65. Following the sale, the insider directly owned 95,887 shares of the company’s stock, valued at $775,725.83. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several institutional investors have recently modified their holdings of the company. Orbimed Advisors LLC lifted its position in Corbus Pharmaceuticals by 36.3% in the 4th quarter. Orbimed Advisors LLC now owns 1,597,287 shares of the biopharmaceutical company’s stock valued at $13,002,000 after purchasing an additional 425,000 shares during the last quarter. Aberdeen Group plc raised its holdings in shares of Corbus Pharmaceuticals by 602.2% during the fourth quarter. Aberdeen Group plc now owns 1,321,750 shares of the biopharmaceutical company’s stock valued at $10,759,000 after buying an additional 1,133,519 shares during the last quarter. Prosight Management LP boosted its position in shares of Corbus Pharmaceuticals by 99.1% during the fourth quarter. Prosight Management LP now owns 683,872 shares of the biopharmaceutical company’s stock worth $5,567,000 after buying an additional 340,472 shares during the period. Vanguard Group Inc. grew its holdings in Corbus Pharmaceuticals by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 612,030 shares of the biopharmaceutical company’s stock worth $7,742,000 after buying an additional 12,535 shares in the last quarter. Finally, Armistice Capital LLC increased its position in Corbus Pharmaceuticals by 179.2% in the 4th quarter. Armistice Capital LLC now owns 536,000 shares of the biopharmaceutical company’s stock valued at $4,363,000 after acquiring an additional 344,000 shares during the period. Institutional investors own 64.64% of the company’s stock.

About Corbus Pharmaceuticals

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.