Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price Crosses Below Fifty Day Moving Average – Here’s What Happened

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) shares passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $12.43 and traded as low as $8.03. Corbus Pharmaceuticals shares last traded at $8.34, with a volume of 228,299 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler reissued an “overweight” rating and set a $51.00 target price on shares of Corbus Pharmaceuticals in a report on Monday, October 20th. Wedbush upped their target price on Corbus Pharmaceuticals from $31.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Mizuho set a $39.00 price target on shares of Corbus Pharmaceuticals in a research note on Wednesday, October 29th. Royal Bank Of Canada cut their price objective on Corbus Pharmaceuticals from $55.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, November 13th. Finally, Benchmark reissued a “reduce” rating on shares of Corbus Pharmaceuticals in a report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.38.

Corbus Pharmaceuticals Price Performance

The firm has a market cap of $146.37 million, a price-to-earnings ratio of -1.51 and a beta of 2.71. The firm’s fifty day moving average is $12.43 and its 200-day moving average is $10.71.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings data on Wednesday, November 12th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, missing the consensus estimate of ($1.80) by ($0.10). As a group, equities research analysts anticipate that Corbus Pharmaceuticals Holdings, Inc. will post -4.23 EPS for the current year.

Insiders Place Their Bets

In other Corbus Pharmaceuticals news, CFO Sean F. Moran sold 12,981 shares of the business’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $17.02, for a total value of $220,936.62. Following the transaction, the chief financial officer directly owned 73,313 shares of the company’s stock, valued at approximately $1,247,787.26. The trade was a 15.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Yuval Cohen sold 8,973 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $17.14, for a total transaction of $153,797.22. Following the sale, the chief executive officer directly owned 138,187 shares of the company’s stock, valued at approximately $2,368,525.18. This trade represents a 6.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 71,703 shares of company stock worth $1,058,003. 4.00% of the stock is owned by corporate insiders.

Institutional Trading of Corbus Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in Corbus Pharmaceuticals in the first quarter worth approximately $243,000. AlphaQuest LLC acquired a new position in shares of Corbus Pharmaceuticals during the first quarter worth approximately $299,000. Comerica Bank lifted its holdings in shares of Corbus Pharmaceuticals by 20,000,000.0% in the 1st quarter. Comerica Bank now owns 200,001 shares of the biopharmaceutical company’s stock worth $1,062,000 after purchasing an additional 200,000 shares in the last quarter. Velan Capital Investment Management LP grew its position in Corbus Pharmaceuticals by 4.1% in the 1st quarter. Velan Capital Investment Management LP now owns 59,000 shares of the biopharmaceutical company’s stock valued at $313,000 after purchasing an additional 2,300 shares during the period. Finally, Armistice Capital LLC increased its stake in Corbus Pharmaceuticals by 5.9% during the 1st quarter. Armistice Capital LLC now owns 250,000 shares of the biopharmaceutical company’s stock valued at $1,328,000 after purchasing an additional 14,000 shares in the last quarter. 64.64% of the stock is owned by institutional investors.

Corbus Pharmaceuticals Company Profile

Corbus Pharmaceuticals Holdings, Inc is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of therapeutic candidates for rare, life-threatening inflammatory and fibrotic diseases. The company’s lead investigational therapy, lenabasum, is a synthetic, oral cannabinoid receptor type 2 (CB2) agonist designed to resolve chronic inflammation by harnessing the body’s innate resolution pathways. Corbus operates by advancing small-molecule compounds through preclinical and clinical studies to address unmet medical needs in autoimmune and inflammatory disorders.

Lenabasum is currently under evaluation in a Phase 3 clinical trial for diffuse cutaneous systemic sclerosis (dcSSc) and in a Phase 2 study for cystic fibrosis–related inflammation.