Shares of Corbus Pharmaceuticals (NASDAQ:CRBP) rise after analyst upgrade

The stock price of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP – Get Free Report) rose before the market opened on Monday after Oppenheimer raised their price target for the stock from $60.00 to $80.00. The stock previously closed at $42.80, but opened at $45.00. Oppenheimer currently has an outperform rating on the stock. Shares of Corbus Pharmaceuticals last traded at $47.68, on volume of 62,605 shares.

Other research analysts have also recently issued research reports on the stock. Royal Bank of Canada initiated coverage on shares of Corbus Pharmaceuticals in a research report on Monday, May 13th. They issued an “outperform” rating and a $77.00 price target for the company. downgraded Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, May 25. Finally, Jefferies Financial Group upgraded Corbus Pharmaceuticals from a “hold” rating to a “buy” rating and increased their price objective for the company from $4.00 to $46.00 in a research report on Wednesday, March 6.

Check out our latest analysis on CRBP

Insider activity

In other news, major shareholder Cormorant Asset Management, Lp bought 250,000 shares in a transaction dated Thursday, March 7. The shares were purchased at an average price of $40.05 per share, for a total transaction of $10,012,500.00. Following the completion of the purchase, the insider now owns 1,725,000 shares in the company, valued at $69,086,250. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this link. Insiders own 4.00% of the company’s shares.

Institutional inflow and outflow

Hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Corbus Pharmaceuticals worth $976,000 in the first quarter. Altitude Crest Partners Inc. acquired a new stake in Corbus Pharmaceuticals during the first quarter worth approximately $4,069,000. Price T. Rowe Associates Inc. MD bought a new position in Corbus Pharmaceuticals in the first quarter worth approximately $7,554,000. Assenagon Asset Management SA acquired a new position in shares of Corbus Pharmaceuticals during the first quarter worth approximately $10,181,000. Finally, Janus Henderson Group PLC bought a new stake in shares of Corbus Pharmaceuticals during the first quarter worth approximately $13,363,000. 64.64% of the shares are held by institutional investors.

Corbus Pharmaceuticals is trading 9.4% higher

The company’s 50-day moving average is $40.36 and its 200-day moving average is $25.44. The company has a market cap of $500.61 million, a price-to-earnings ratio of -6.73 and a beta of 2.52.

Corbus Pharmaceuticals (NASDAQ:CRBP – Get Free Report) posted its latest earnings results on Tuesday, May 7. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.09) by $0.26. Equity research analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post an earnings per share of -5.86 for the current year.

About Corbus Pharmaceuticals

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Corbus Pharmaceuticals Holdings, Inc, a biopharmaceutical company, develops products to defeat serious diseases. It is developing 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, a monoclonal anti-integrin antibody that blocks the activation of TGFβ 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.

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