Corbus Pharmaceuticals (NASDAQ:CRBP) Issues Earnings Results, Beats Estimates By $0.03 EPS

Corbus Pharmaceuticals (NASDAQ:CRBP) released its quarterly earnings data on Tuesday. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.03, FiscalAI reports.

Corbus Pharmaceuticals Price Performance

Shares of CRBP traded up $0.06 during midday trading on Tuesday, reaching $11.10. The stock had a trading volume of 162,060 shares, compared to its average volume of 219,378. Corbus Pharmaceuticals has a 52 week low of $6.72 and a 52 week high of $20.56. The firm’s 50 day moving average price is $9.64 and its 200-day moving average price is $9.74. The company has a market capitalization of $196.83 million, a P/E ratio of -1.85 and a beta of 2.68.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRBP. Wall Street Zen upgraded Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Jefferies Financial Group upgraded Corbus Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, February 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research note on Monday, April 20th. Oppenheimer lifted their target price on Corbus Pharmaceuticals from $53.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, March 10th. Finally, Guggenheim started coverage on Corbus Pharmaceuticals in a research note on Wednesday, April 29th. They set a “buy” rating and a $45.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.88.

Institutional Trading of Corbus Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Virtu Financial LLC bought a new stake in shares of Corbus Pharmaceuticals in the 4th quarter worth $88,000. Quadrature Capital Ltd bought a new stake in shares of Corbus Pharmaceuticals in the 4th quarter worth $243,000. Orbimed Advisors LLC raised its stake in shares of Corbus Pharmaceuticals by 36.3% in the 4th quarter. Orbimed Advisors LLC now owns 1,597,287 shares of the biopharmaceutical company’s stock worth $13,002,000 after buying an additional 425,000 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Corbus Pharmaceuticals in the 4th quarter worth $140,000. Finally, Caption Management LLC raised its stake in shares of Corbus Pharmaceuticals by 170.1% in the 4th quarter. Caption Management LLC now owns 56,066 shares of the biopharmaceutical company’s stock worth $456,000 after buying an additional 136,066 shares in the last quarter. Institutional investors own 64.64% of the company’s stock.

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.