Corbus Pharmaceuticals (NASDAQ:CRBP) Lowered to Strong Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Corbus Pharmaceuticals (NASDAQ:CRBP) from a sell rating to a strong sell rating in a report published on Saturday.

Several other brokerages have also recently issued reports on CRBP. Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Friday, July 17th. Wedbush dropped their price objective on shares of Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Oppenheimer cut their target price on shares of Corbus Pharmaceuticals from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday. Mizuho decreased their price target on shares of Corbus Pharmaceuticals from $44.00 to $34.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. Finally, HC Wainwright dropped their price target on shares of Corbus Pharmaceuticals from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Friday. Eight research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $41.12.

Corbus Pharmaceuticals Trading Up 4.4%

Shares of NASDAQ CRBP opened at $10.17 on Friday. The stock has a market capitalization of $188.45 million, a PE ratio of -1.64 and a beta of 2.59. Corbus Pharmaceuticals has a twelve month low of $7.12 and a twelve month high of $20.56. The stock has a fifty day simple moving average of $8.72 and a 200-day simple moving average of $9.05.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its earnings results on Thursday, August 6th. 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, equities analysts predict that Corbus Pharmaceuticals will post -4.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John Kenneth Jenkins sold 4,800 shares of Corbus Pharmaceuticals stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $7.91, for a total transaction of $37,968.00. Following the completion of the sale, the director directly owned 3,833 shares of the company’s stock, valued at approximately $30,319.03. The trade was a 55.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nishant C. Saxena bought 9,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were purchased at an average price of $7.58 per share, with a total value of $68,220.00. Following the purchase, the insider owned 75,300 shares of the company’s stock, valued at approximately $570,774. This represents a 13.57% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold a total of 9,238 shares of company stock worth $73,073 over the last 90 days. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRBP. Bank of New York Mellon Corp purchased a new position in shares of Corbus Pharmaceuticals in the 2nd quarter valued at about $425,000. Seven Fleet Capital Management LP boosted its holdings in Corbus Pharmaceuticals by 51.0% in the first quarter. Seven Fleet Capital Management LP now owns 85,687 shares of the biopharmaceutical company’s stock valued at $805,000 after purchasing an additional 28,937 shares in the last quarter. Bank of America Corp DE boosted its holdings in Corbus Pharmaceuticals by 53,592.3% in the first quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock valued at $131,000 after purchasing an additional 13,934 shares in the last quarter. Royal Bank of Canada increased its stake in Corbus Pharmaceuticals by 81.2% in the first quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company’s stock valued at $281,000 after purchasing an additional 13,401 shares during the last quarter. Finally, Exome Asset Management LLC increased its stake in Corbus Pharmaceuticals by 67.8% in the first quarter. Exome Asset Management LLC now owns 234,136 shares of the biopharmaceutical company’s stock valued at $2,199,000 after purchasing an additional 94,593 shares during the last quarter. 64.64% of the stock is owned by institutional investors and hedge funds.

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.