Oppenheimer Cuts Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $54.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective reduced by stock analysts at Oppenheimer from $57.00 to $54.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s target price would indicate a potential upside of 355.04% from the stock’s current price.

CRBP has been the topic of several other research reports. Jefferies Financial Group reissued a “buy” rating and set a $33.00 target price on shares of Corbus Pharmaceuticals in a research report on Tuesday. Wall Street Zen raised Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Guggenheim reissued a “buy” rating and set a $45.00 target price on shares of Corbus Pharmaceuticals in a research report on Wednesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.33.

Corbus Pharmaceuticals Stock Performance

CRBP stock traded up $0.44 during mid-day trading on Wednesday, reaching $11.87. The company had a trading volume of 121,654 shares, compared to its average volume of 219,445. The company has a market capitalization of $210.52 million, a price-to-earnings ratio of -1.98 and a beta of 2.68. The firm has a fifty day simple moving average of $9.70 and a 200 day simple moving average of $9.70. Corbus Pharmaceuticals has a fifty-two week low of $6.72 and a fifty-two week high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.03. As a group, analysts predict that Corbus Pharmaceuticals will post -4.78 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Persistent Asset Partners Ltd acquired a new position in Corbus Pharmaceuticals during the fourth quarter worth approximately $54,000. Virtu Financial LLC acquired a new position in Corbus Pharmaceuticals during the fourth quarter worth approximately $88,000. Barclays PLC increased its position in Corbus Pharmaceuticals by 280.0% during the fourth quarter. Barclays PLC now owns 14,758 shares of the biopharmaceutical company’s stock worth $120,000 after buying an additional 10,874 shares during the period. ADAR1 Capital Management LLC acquired a new position in Corbus Pharmaceuticals during the third quarter worth approximately $129,000. Finally, Marshall Wace LLP acquired a new position in Corbus Pharmaceuticals during the second quarter worth approximately $137,000. Institutional investors and hedge funds own 64.64% of the company’s stock.

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.