Corbus Pharmaceuticals (NASDAQ:CRBP) Downgraded by StockNews.com to Sell

Corbus Pharmaceuticals (NASDAQ:CRBP) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

Other equities research analysts have also recently issued research reports about the stock. Royal Bank of Canada increased their price target on shares of Corbus Pharmaceuticals from $77.00 to $82.00 and gave the company an “outperform” rating in a report on Tuesday, June 11th. Oppenheimer restated an “outperform” rating and issued a $80.00 target price on shares of Corbus Pharmaceuticals in a report on Wednesday, July 10th. B. Riley assumed coverage on shares of Corbus Pharmaceuticals in a research report on Wednesday, June 26th. They issued a “buy” rating and a $85.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Corbus Pharmaceuticals in a research report on Monday. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.60.

Corbus Pharmaceuticals Stock Performance

Shares of NASDAQ:CRBP opened at $55.45 on Wednesday. Corbus Pharmaceuticals has a 52-week low of $3.03 and a 52-week high of $61.18. The firm has a fifty day moving average of $48.63 and a 200 day moving average of $36.91. The firm has a market capitalization of $592.76 million, a PE ratio of -7.97 and a beta of 2.59.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($1.09) by $0.26. On average, sell-side analysts forecast that Corbus Pharmaceuticals will post -5.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Sean F. Moran sold 1,958 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $42.12, for a total transaction of $82,470.96. Following the completion of the transaction, the chief financial officer now owns 48,605 shares in the company, valued at approximately $2,047,242.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Sean F. Moran sold 1,958 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $42.12, for a total value of $82,470.96. Following the sale, the chief financial officer now owns 48,605 shares in the company, valued at $2,047,242.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sean F. Moran sold 9,355 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $49.87, for a total transaction of $466,533.85. Following the completion of the sale, the chief financial officer now owns 48,605 shares in the company, valued at approximately $2,423,931.35. The disclosure for this sale can be found here. Insiders sold a total of 51,733 shares of company stock worth $2,530,799 in the last 90 days. 4.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRBP. Ikarian Capital LLC lifted its stake in shares of Corbus Pharmaceuticals by 185.5% in the first quarter. Ikarian Capital LLC now owns 559,271 shares of the biopharmaceutical company’s stock worth $21,946,000 after buying an additional 363,372 shares in the last quarter. Vanguard Group Inc. raised its stake in Corbus Pharmaceuticals by 143.7% during the first quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock worth $17,158,000 after purchasing an additional 257,808 shares during the period. Janus Henderson Group PLC purchased a new position in Corbus Pharmaceuticals during the first quarter worth about $13,363,000. Assenagon Asset Management S.A. purchased a new position in Corbus Pharmaceuticals during the first quarter worth about $10,181,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in Corbus Pharmaceuticals during the first quarter worth about $7,554,000. 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.