Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Given Average Recommendation of “Buy” by Brokerages

Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) have been assigned an average recommendation of “Buy” from the eight brokerages that are covering the company, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $65.86.

CRBP has been the subject of several research analyst reports. Wedbush reissued an “outperform” rating and issued a $51.00 price objective on shares of Corbus Pharmaceuticals in a research report on Monday, November 4th. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Corbus Pharmaceuticals in a report on Monday, September 23rd. StockNews.com lowered shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. B. Riley cut their target price on shares of Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Finally, Lifesci Capital raised shares of Corbus Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, August 21st.

Insiders Place Their Bets

In related news, major shareholder Cormorant Asset Management, Lp acquired 350,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was purchased at an average cost of $20.01 per share, with a total value of $7,003,500.00. Following the acquisition, the insider now owns 2,375,000 shares of the company’s stock, valued at approximately $47,523,750. This trade represents a 17.28 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp bought a new position in Corbus Pharmaceuticals during the 2nd quarter valued at $1,368,000. Darwin Global Management Ltd. purchased a new position in Corbus Pharmaceuticals during the second quarter worth about $14,267,000. Janus Henderson Group PLC bought a new stake in Corbus Pharmaceuticals in the 1st quarter worth about $13,363,000. Price T Rowe Associates Inc. MD purchased a new stake in Corbus Pharmaceuticals in the 1st quarter valued at about $7,554,000. Finally, Acadian Asset Management LLC bought a new position in shares of Corbus Pharmaceuticals during the 2nd quarter worth approximately $716,000. Hedge funds and other institutional investors own 64.64% of the company’s stock.

Corbus Pharmaceuticals Stock Up 4.4 %

CRBP opened at $17.47 on Friday. Corbus Pharmaceuticals has a twelve month low of $4.00 and a twelve month high of $61.90. The company has a fifty day moving average of $20.93 and a 200-day moving average of $40.51. The stock has a market cap of $212.78 million, a PE ratio of -3.72 and a beta of 2.56.

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.