Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target Lowered to $51.00 at Wedbush

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective reduced by equities researchers at Wedbush from $85.00 to $51.00 in a report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Wedbush’s price objective points to a potential upside of 136.99% from the stock’s previous close.

A number of other brokerages also recently issued reports on CRBP. Royal Bank of Canada restated an “outperform” rating and set a $82.00 price target on shares of Corbus Pharmaceuticals in a report on Friday. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Corbus Pharmaceuticals in a research report on Tuesday, August 6th. Oppenheimer upped their price target on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 21st. Finally, B. Riley started coverage on shares of Corbus Pharmaceuticals in a research note on Wednesday, June 26th. They set a “buy” rating and a $85.00 target price for the company. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $72.29.

Corbus Pharmaceuticals Stock Down 58.4 %

Shares of Corbus Pharmaceuticals stock traded down $30.18 on Friday, hitting $21.52. 7,946,569 shares of the company were exchanged, compared to its average volume of 539,400. The company has a 50-day moving average price of $55.82 and a 200 day moving average price of $47.05. The stock has a market capitalization of $229.98 million, a price-to-earnings ratio of -3.09 and a beta of 2.56. Corbus Pharmaceuticals has a 1-year low of $3.03 and a 1-year high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.29. Research analysts forecast that Corbus Pharmaceuticals will post -3.77 EPS for the current year.

Institutional Trading of Corbus Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers purchased a new position in shares of Corbus Pharmaceuticals in the second quarter valued at approximately $638,000. Acadian Asset Management LLC acquired a new stake in Corbus Pharmaceuticals during the 2nd quarter worth approximately $716,000. ClariVest Asset Management LLC purchased a new position in Corbus Pharmaceuticals in the 2nd quarter valued at approximately $725,000. Victory Capital Management Inc. acquired a new position in shares of Corbus Pharmaceuticals in the second quarter worth $862,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Corbus Pharmaceuticals by 100.7% during the second quarter. The Manufacturers Life Insurance Company now owns 21,131 shares of the biopharmaceutical company’s stock worth $956,000 after acquiring an additional 10,604 shares during the period. 64.64% of the stock is currently 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.