Corbus Pharmaceuticals (NASDAQ:CRBP) Share Price Crosses Below 50-Day Moving Average – Here’s Why

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP)’s stock price passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $9.30 and traded as low as $8.88. Corbus Pharmaceuticals shares last traded at $9.38, with a volume of 585,935 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CRBP shares. Guggenheim reaffirmed a “buy” rating on shares of Corbus Pharmaceuticals in a research report on Tuesday, May 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research note on Monday, April 20th. Jefferies Financial Group dropped their target price on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Wall Street Zen raised shares of Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. Finally, Oppenheimer reduced their price target on shares of Corbus Pharmaceuticals from $54.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.67.

Corbus Pharmaceuticals Price Performance

The stock’s 50-day moving average is $9.25 and its 200 day moving average is $8.88. The company has a market cap of $171.40 million, a PE ratio of -1.59 and a beta of 2.55.

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, topping the consensus estimate of ($1.26) by $0.03. On average, analysts expect that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 EPS for the current year.

Insider Activity

In other Corbus Pharmaceuticals news, insider Nishant C. Saxena bought 9,000 shares of Corbus Pharmaceuticals stock in a transaction that occurred on Wednesday, June 3rd. The shares were bought at an average cost of $7.58 per share, with a total value of $68,220.00. Following the transaction, the insider directly owned 75,300 shares of the company’s stock, valued at approximately $570,774. This represents a 13.57% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $37,968.00. Following the completion of the sale, the director owned 3,833 shares of the company’s stock, valued at approximately $30,319.03. This trade represents a 55.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,238 shares of company stock worth $73,073 over the last ninety days. 3.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Corbus Pharmaceuticals

Several large investors have recently bought and sold shares of the stock. Persistent Asset Partners Ltd purchased a new position in shares of Corbus Pharmaceuticals in the fourth quarter worth $54,000. Virtu Financial LLC purchased a new stake in shares of Corbus Pharmaceuticals during the fourth quarter valued at $88,000. Barclays PLC increased its position in shares of Corbus Pharmaceuticals by 280.0% in the 4th quarter. Barclays PLC now owns 14,758 shares of the biopharmaceutical company’s stock valued at $120,000 after acquiring an additional 10,874 shares during the period. ADAR1 Capital Management LLC purchased a new position in Corbus Pharmaceuticals in the 3rd quarter worth $129,000. Finally, Bank of America Corp DE raised its stake in Corbus Pharmaceuticals by 53,592.3% in the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock worth $131,000 after acquiring an additional 13,934 shares during 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.