Corbus Pharmaceuticals (NASDAQ:CRBP) PT Lowered to $40.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price target cut by investment analysts at B. Riley from $85.00 to $40.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. B. Riley’s price objective would suggest a potential upside of 105.02% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Mizuho reiterated an “outperform” rating and set a $74.00 price objective on shares of Corbus Pharmaceuticals in a research note on Friday. Wedbush dropped their price target on Corbus Pharmaceuticals from $85.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Corbus Pharmaceuticals in a research report on Tuesday, August 6th. Oppenheimer increased their target price on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $82.00 price target on shares of Corbus Pharmaceuticals in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.86.

Corbus Pharmaceuticals Stock Down 62.3 %

Shares of NASDAQ CRBP opened at $19.51 on Friday. The stock has a market capitalization of $208.50 million, a P/E ratio of -2.80 and a beta of 2.56. The stock’s 50 day moving average price is $55.03 and its two-hundred day moving average price is $47.01. Corbus Pharmaceuticals has a 52-week low of $3.03 and a 52-week high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.19) by $0.29. On average, analysts anticipate that Corbus Pharmaceuticals will post -3.77 EPS for the current year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of CRBP. Bank of New York Mellon Corp acquired a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter worth approximately $1,368,000. Janus Henderson Group PLC bought a new position in Corbus Pharmaceuticals during the 1st quarter valued at $13,363,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Corbus Pharmaceuticals during the 1st quarter valued at $7,554,000. Acadian Asset Management LLC bought a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter worth $716,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Corbus Pharmaceuticals in the first quarter valued at $976,000. Institutional investors own 64.64% of the company’s stock.

About Corbus Pharmaceuticals

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.