Corbus Pharmaceuticals (NASDAQ:CRBP) Upgraded to Strong-Buy by Zacks Investment Research

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Zacks Investment Research upgraded shares of Corbus Pharmaceuticals (NASDAQ:CRBP) from a hold rating to a strong-buy rating in a research note released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $7.00 price target on the biopharmaceutical company’s stock.

According to Zacks, “Corbus Pharmaceuticals Holdings, Inc. is a Phase 3 clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. The Company’s lead product candidate, lenabasum, is a novel, synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation and fibrotic processes. Lenabasum is currently being evaluated in systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus. “

Several other research analysts have also recently issued reports on the stock. HC Wainwright set a $24.00 target price on shares of Corbus Pharmaceuticals and gave the stock a buy rating in a report on Monday, June 24th. ValuEngine cut shares of Corbus Pharmaceuticals from a strong-buy rating to a buy rating in a report on Friday, August 2nd. Royal Bank of Canada reaffirmed a buy rating and issued a $23.00 target price on shares of Corbus Pharmaceuticals in a report on Sunday. Finally, BidaskClub cut shares of Corbus Pharmaceuticals from a sell rating to a strong sell rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $23.50.

Shares of NASDAQ CRBP opened at $6.10 on Tuesday. Corbus Pharmaceuticals has a 1 year low of $4.65 and a 1 year high of $9.11. The stock has a market cap of $386.76 million, a PE ratio of -6.22 and a beta of 1.84. The company’s 50-day simple moving average is $6.32. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.78 and a current ratio of 1.78.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.25. The company had revenue of $29.10 million during the quarter, compared to analysts’ expectations of $10.32 million. Corbus Pharmaceuticals had a negative net margin of 164.68% and a negative return on equity of 149.05%. On average, research analysts anticipate that Corbus Pharmaceuticals will post -1.2 earnings per share for the current year.

In other news, COO Robert Paul Discordia bought 15,000 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was acquired at an average cost of $5.86 per share, with a total value of $87,900.00. Following the completion of the acquisition, the chief operating officer now owns 30,150 shares of the company’s stock, valued at $176,679. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders acquired 19,064 shares of company stock valued at $114,021 over the last ninety days. Corporate insiders own 8.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Aperio Group LLC bought a new stake in shares of Corbus Pharmaceuticals in the second quarter worth approximately $29,000. BNP Paribas Arbitrage SA grew its stake in shares of Corbus Pharmaceuticals by 72,906.3% in the first quarter. BNP Paribas Arbitrage SA now owns 11,681 shares of the biopharmaceutical company’s stock worth $81,000 after acquiring an additional 11,665 shares during the period. Prospera Financial Services Inc bought a new stake in shares of Corbus Pharmaceuticals in the first quarter worth approximately $97,000. WINTON GROUP Ltd bought a new stake in shares of Corbus Pharmaceuticals in the second quarter worth approximately $97,000. Finally, Cetera Advisor Networks LLC bought a new stake in shares of Corbus Pharmaceuticals in the first quarter worth approximately $98,000. Hedge funds and other institutional investors own 36.78% of the company’s stock.

Corbus Pharmaceuticals Company Profile

Corbus Pharmaceuticals Holdings, Inc, a clinical-stage pharmaceutical company, focuses on the development and commercialization of various therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. Its lead product candidate is lenabasum, a synthetic oral endocannabinoid drug that is in Phase 3 clinical trial for the treatment of systemic sclerosis and dermatomyositis, and in Phase 2 clinical trial to treat systemic lupus erythematosus and cystic fibrosis.

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