Corbus Pharmaceuticals (CRBP) Lifted to “Buy” at Zacks Investment Research

Corbus Pharmaceuticals (NASDAQ:CRBP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday, Zacks.com reports. The brokerage currently has a $7.75 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 8.24% from the stock’s current price.

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. “

A number of other research firms have also recently commented on CRBP. ValuEngine cut shares of Corbus Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 24th. BidaskClub raised shares of Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, December 27th. Cantor Fitzgerald reissued an “overweight” rating and set a $38.00 target price (up previously from $36.00) on shares of Corbus Pharmaceuticals in a research report on Friday, January 11th. HC Wainwright started coverage on shares of Corbus Pharmaceuticals in a research report on Wednesday, December 26th. They set a “buy” rating and a $24.00 target price for the company. Finally, Jefferies Financial Group started coverage on shares of Corbus Pharmaceuticals in a research report on Friday, April 5th. They set a “buy” rating and a $18.00 target price for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Corbus Pharmaceuticals has an average rating of “Buy” and a consensus target price of $23.59.

NASDAQ:CRBP traded up $0.18 during midday trading on Monday, reaching $7.16. 1,297,368 shares of the stock traded hands, compared to its average volume of 1,662,530. Corbus Pharmaceuticals has a 12-month low of $4.50 and a 12-month high of $9.11. The stock has a market capitalization of $448.64 million, a price-to-earnings ratio of -7.31 and a beta of 2.16.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its earnings results on Tuesday, March 12th. The biopharmaceutical company reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.07). Corbus Pharmaceuticals had a negative net margin of 1,154.52% and a negative return on equity of 116.34%. The firm had revenue of $1.93 million for the quarter, compared to analysts’ expectations of $1.99 million. On average, equities analysts anticipate that Corbus Pharmaceuticals will post -0.88 earnings per share for the current fiscal year.

In related news, insider Barbara White purchased 4,638 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was acquired at an average price of $6.47 per share, with a total value of $30,007.86. Following the completion of the acquisition, the insider now owns 184,159 shares in the company, valued at approximately $1,191,508.73. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders acquired 8,668 shares of company stock valued at $56,923. Corporate insiders own 12.60% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of CRBP. Alliancebernstein L.P. raised its holdings in shares of Corbus Pharmaceuticals by 61.5% in the third quarter. Alliancebernstein L.P. now owns 55,400 shares of the biopharmaceutical company’s stock worth $418,000 after buying an additional 21,100 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Corbus Pharmaceuticals by 31.7% in the third quarter. BlackRock Inc. now owns 5,220,146 shares of the biopharmaceutical company’s stock worth $39,412,000 after buying an additional 1,256,503 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Corbus Pharmaceuticals by 8.8% in the third quarter. Allianz Asset Management GmbH now owns 148,868 shares of the biopharmaceutical company’s stock worth $1,124,000 after buying an additional 12,066 shares during the last quarter. MetLife Investment Advisors LLC increased its stake in shares of Corbus Pharmaceuticals by 57.5% in the third quarter. MetLife Investment Advisors LLC now owns 36,354 shares of the biopharmaceutical company’s stock worth $274,000 after acquiring an additional 13,265 shares during the period. Finally, Morgan Stanley increased its stake in shares of Corbus Pharmaceuticals by 24.9% in the third quarter. Morgan Stanley now owns 882,068 shares of the biopharmaceutical company’s stock worth $6,659,000 after acquiring an additional 175,705 shares during the period. 40.27% of the stock is owned by institutional investors and hedge funds.

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-mimetic drug to resolve chronic inflammation and fibrotic processes in systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus diseases.

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