Corbus Pharmaceuticals (NASDAQ:CRBP) Given New $60.00 Price Target at Oppenheimer

Corbus Pharmaceuticals (NASDAQ:CRBP) had its target price raised by equities researchers at Oppenheimer from $58.00 to $60.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s target price would suggest a potential upside of 39.53% from the stock’s current price.

CRBP has been the subject of several other research reports. StockNews.com raised Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. Jefferies Financial Group raised Corbus Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $4.00 to $46.00 in a report on Wednesday, March 6th.

Corbus Pharmaceuticals Trading Up 8.1 %

NASDAQ CRBP traded up $3.23 during mid-day trading on Wednesday, hitting $43.00. The company’s stock had a trading volume of 454,430 shares, compared to its average volume of 718,491. The company’s 50 day simple moving average is $38.31 and its 200 day simple moving average is $20.17. Corbus Pharmaceuticals has a twelve month low of $3.03 and a twelve month high of $49.87. The firm has a market capitalization of $451.93 million, a price-to-earnings ratio of -4.15 and a beta of 2.46.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings results on Tuesday, March 12th. The biopharmaceutical company reported ($1.81) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.36) by $0.55. As a group, research analysts forecast that Corbus Pharmaceuticals will post -5.21 EPS for the current year.

Insider Buying and Selling at Corbus Pharmaceuticals

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp bought 250,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was bought at an average price of $40.05 per share, for a total transaction of $10,012,500.00. Following the completion of the acquisition, the insider now directly owns 1,725,000 shares in the company, valued at $69,086,250. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A hedge fund recently bought a new stake in Corbus Pharmaceuticals stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,880 shares of the biopharmaceutical company’s stock, valued at approximately $976,000. Mirae Asset Global Investments Co. Ltd. owned 0.24% of Corbus Pharmaceuticals as of its most recent SEC filing. 64.64% of the stock is currently owned by institutional investors and hedge funds.

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.