HC Wainwright Cuts Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $35.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price target dropped by equities researchers at HC Wainwright from $40.00 to $35.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price target would indicate a potential upside of 259.34% from the company’s current price.

CRBP has been the subject of several other research reports. Jefferies Financial Group decreased their target price on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Wedbush cut their price objective on Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Mizuho lowered their price target on shares of Corbus Pharmaceuticals from $44.00 to $34.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 23rd. Oppenheimer lowered their target price on shares of Corbus Pharmaceuticals from $54.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 17th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Corbus Pharmaceuticals in a research note on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $41.62.

Corbus Pharmaceuticals Price Performance

Shares of NASDAQ:CRBP opened at $9.74 on Friday. Corbus Pharmaceuticals has a 12 month low of $7.12 and a 12 month high of $20.56. The firm has a market capitalization of $180.48 million, a P/E ratio of -1.67 and a beta of 2.59. The company’s fifty day moving average price is $8.68 and its 200 day moving average price is $9.04.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Tuesday, August 11th. The biopharmaceutical company reported ($1.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.26) by ($0.55). On average, sell-side analysts anticipate that Corbus Pharmaceuticals will post -4.87 EPS for the current year.

Insider Activity at Corbus Pharmaceuticals

In other news, Director John Kenneth Jenkins sold 4,800 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $7.91, for a total transaction of $37,968.00. Following the transaction, the director directly owned 3,833 shares in the company, valued at $30,319.03. This represents a 55.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Nishant C. Saxena purchased 9,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were bought at an average cost of $7.58 per share, for a total transaction of $68,220.00. Following the purchase, the insider owned 75,300 shares of the company’s stock, valued at $570,774. This trade represents a 13.57% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 9,238 shares of company stock valued at $73,073 over the last ninety days. 3.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Orbimed Advisors LLC lifted its stake in shares of Corbus Pharmaceuticals by 36.3% during the fourth quarter. Orbimed Advisors LLC now owns 1,597,287 shares of the biopharmaceutical company’s stock worth $13,002,000 after purchasing an additional 425,000 shares in the last quarter. Armistice Capital LLC boosted its position in Corbus Pharmaceuticals by 179.2% in the 4th quarter. Armistice Capital LLC now owns 536,000 shares of the biopharmaceutical company’s stock valued at $4,363,000 after buying an additional 344,000 shares during the last quarter. Prosight Management LP lifted its stake in shares of Corbus Pharmaceuticals by 99.1% in the fourth quarter. Prosight Management LP now owns 683,872 shares of the biopharmaceutical company’s stock worth $5,567,000 after acquiring an additional 340,472 shares in the last quarter. ADAR1 Capital Management LLC grew its position in shares of Corbus Pharmaceuticals by 2,711.6% during the fourth quarter. ADAR1 Capital Management LLC now owns 286,781 shares of the biopharmaceutical company’s stock worth $2,334,000 after buying an additional 276,581 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Corbus Pharmaceuticals by 230.5% during the 4th quarter. Renaissance Technologies LLC now owns 354,300 shares of the biopharmaceutical company’s stock worth $2,884,000 after acquiring an additional 247,100 shares in the last quarter. Hedge funds and other institutional investors own 64.64% of the company’s stock.

About Corbus Pharmaceuticals

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.