Corbus Pharmaceuticals (NASDAQ:CRBP) Shares Gap Up to $55.65

Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) gapped up prior to trading on Tuesday . The stock had previously closed at $55.65, but opened at $58.01. Corbus Pharmaceuticals shares last traded at $59.70, with a volume of 44,055 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CRBP shares. HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Corbus Pharmaceuticals in a report on Monday, July 22nd. B. Riley started coverage on shares of Corbus Pharmaceuticals in a report on Wednesday, June 26th. They issued a “buy” rating and a $85.00 target price for the company. Oppenheimer reissued an “outperform” rating and issued a $80.00 target price on shares of Corbus Pharmaceuticals in a report on Wednesday, July 10th. StockNews.com raised shares of Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Royal Bank of Canada raised their price target on Corbus Pharmaceuticals from $77.00 to $82.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 11th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $76.33.

Corbus Pharmaceuticals Price Performance

The company has a market capitalization of $631.46 million, a P/E ratio of -8.55 and a beta of 2.59. The business has a 50-day moving average of $49.61 and a 200-day moving average of $38.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.09) by $0.26. Sell-side analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -5.05 EPS for the current fiscal year.

Insider Transactions at Corbus Pharmaceuticals

In other news, CEO Yuval Cohen sold 29,317 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $50.17, for a total transaction of $1,470,833.89. Following the transaction, the chief executive officer now owns 84,400 shares in the company, valued at $4,234,348. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Sean F. Moran sold 1,958 shares of the firm’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $42.12, for a total transaction of $82,470.96. Following the transaction, the chief financial officer now owns 48,605 shares in the company, valued at $2,047,242.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Yuval Cohen sold 29,317 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $50.17, for a total value of $1,470,833.89. Following the transaction, the chief executive officer now owns 84,400 shares in the company, valued at approximately $4,234,348. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,733 shares of company stock worth $2,530,799. 4.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers purchased a new position in Corbus Pharmaceuticals in the second quarter valued at about $638,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Corbus Pharmaceuticals in the first quarter valued at about $976,000. Bank of New York Mellon Corp purchased a new position in Corbus Pharmaceuticals in the second quarter valued at about $1,368,000. Altitude Crest Partners Inc. purchased a new position in Corbus Pharmaceuticals in the first quarter valued at about $4,069,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in Corbus Pharmaceuticals in the first quarter valued at about $7,554,000. Hedge funds and other institutional investors own 64.64% of the company’s stock.

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.