Piper Sandler Initiates Coverage on Corbus Pharmaceuticals (NASDAQ:CRBP)

Piper Sandler started coverage on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a research note released on Monday morning, MarketBeat reports. The firm issued an overweight rating and a $35.00 target price on the biopharmaceutical company’s stock.

A number of other equities analysts also recently issued reports on the company. Oppenheimer raised their price target on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Mizuho reissued an “outperform” rating and issued a $74.00 target price on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. StockNews.com downgraded Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Wedbush reiterated an “outperform” rating and issued a $51.00 price objective on shares of Corbus Pharmaceuticals in a research note on Monday, November 4th. Finally, HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Corbus Pharmaceuticals in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $62.00.

Corbus Pharmaceuticals Price Performance

CRBP stock opened at $17.84 on Monday. The stock has a market capitalization of $217.29 million, a P/E ratio of -3.80 and a beta of 2.56. Corbus Pharmaceuticals has a 1-year low of $4.94 and a 1-year high of $61.90. The business has a fifty day moving average price of $18.18 and a 200-day moving average price of $39.40.

Insiders Place Their Bets

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of Corbus Pharmaceuticals stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average price of $20.01 per share, for a total transaction of $7,003,500.00. Following the completion of the transaction, 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 acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Corbus Pharmaceuticals by 143.7% during the first quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after purchasing an additional 257,808 shares during the period. Price T Rowe Associates Inc. MD purchased a new stake in Corbus Pharmaceuticals during the 1st quarter valued at $7,554,000. Bank of New York Mellon Corp purchased a new stake in Corbus Pharmaceuticals during the 2nd quarter valued at $1,368,000. Rhumbline Advisers bought a new stake in Corbus Pharmaceuticals in the second quarter worth $638,000. Finally, TD Asset Management Inc boosted its stake in Corbus Pharmaceuticals by 92.5% during the second quarter. TD Asset Management Inc now owns 40,800 shares of the biopharmaceutical company’s stock worth $1,846,000 after buying an additional 19,600 shares during the period. 64.64% of the stock is 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.