Mizuho Has Lowered Expectations for Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price target lowered by Mizuho from $44.00 to $34.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Mizuho’s target price points to a potential upside of 301.18% from the stock’s current price.

Several other research firms have also recently weighed in on CRBP. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research note on Monday, April 20th. Guggenheim reissued a “buy” rating on shares of Corbus Pharmaceuticals in a research note on Tuesday, May 26th. Wedbush reduced their price target on shares of Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Jefferies Financial Group dropped their price target on Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Finally, Wall Street Zen raised shares of Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $40.67.

Corbus Pharmaceuticals Trading Up 2.0%

NASDAQ CRBP traded up $0.17 during trading hours on Tuesday, hitting $8.47. 115,743 shares of the company’s stock traded hands, compared to its average volume of 314,007. Corbus Pharmaceuticals has a 52 week low of $6.72 and a 52 week high of $20.56. The business’s fifty day moving average price is $9.47 and its two-hundred day moving average price is $8.96. The firm has a market capitalization of $157.02 million, a P/E ratio of -1.46 and a beta of 2.57.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.26) by $0.03. On average, sell-side analysts expect that Corbus Pharmaceuticals will post -4.87 EPS for the current fiscal year.

Insider Transactions at Corbus Pharmaceuticals

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

Institutional Investors Weigh In On Corbus Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Velan Capital Investment Management LP grew its position in Corbus Pharmaceuticals by 3.4% during the third quarter. Velan Capital Investment Management LP now owns 61,000 shares of the biopharmaceutical company’s stock valued at $772,000 after buying an additional 2,000 shares during the period. Pale Fire Capital SE raised its position in shares of Corbus Pharmaceuticals by 14.5% in the first quarter. Pale Fire Capital SE now owns 21,350 shares of the biopharmaceutical company’s stock worth $200,000 after acquiring an additional 2,700 shares during the period. Mariner LLC boosted its stake in shares of Corbus Pharmaceuticals by 34.0% during the 3rd quarter. Mariner LLC now owns 20,840 shares of the biopharmaceutical company’s stock worth $264,000 after acquiring an additional 5,289 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Corbus Pharmaceuticals during the 4th quarter worth about $54,000. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Corbus Pharmaceuticals during the 3rd quarter valued at about $129,000. Institutional investors and hedge funds 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.