Corbus Pharmaceuticals (NASDAQ:CRBP) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Thursday, April 11th, BidAskClub reports.
Several other analysts have also weighed in on CRBP. Zacks Investment Research raised Corbus Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $7.50 price objective on the stock in a report on Thursday, March 14th. Cantor Fitzgerald restated a “buy” rating and set a $38.00 target price on shares of Corbus Pharmaceuticals in a research report on Tuesday, March 12th. ValuEngine upgraded Corbus Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 21st. Jefferies Financial Group started coverage on Corbus Pharmaceuticals in a research report on Friday, April 5th. They set a “buy” rating and a $18.00 target price for the company. Finally, CIBC started coverage on Corbus Pharmaceuticals in a research report on Wednesday, March 20th. They issued an “outperform” rating and a $28.00 price objective for the company. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Corbus Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $23.59.
Shares of NASDAQ CRBP traded up $0.40 during mid-day trading on Thursday, reaching $7.50. 914,147 shares of the company traded hands, compared to its average volume of 1,214,422. The firm has a market cap of $483.41 million, a price-to-earnings ratio of -7.65 and a beta of 2.12. Corbus Pharmaceuticals has a fifty-two week low of $4.50 and a fifty-two week high of $9.11.
In other news, insider Barbara White bought 4,638 shares of the stock in a transaction dated Thursday, March 14th. The stock was bought at an average cost of $6.47 per share, with a total value of $30,007.86. Following the purchase, the insider now owns 184,159 shares of the company’s stock, valued at $1,191,508.73. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders bought a total of 8,668 shares of company stock valued at $56,923 over the last three months. Insiders own 8.20% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. ETF Managers Group LLC acquired a new position in Corbus Pharmaceuticals in the fourth quarter valued at about $23,276,000. BlackRock Inc. grew its stake in Corbus Pharmaceuticals by 31.7% in the third quarter. BlackRock Inc. now owns 5,220,146 shares of the biopharmaceutical company’s stock valued at $39,412,000 after acquiring an additional 1,256,503 shares during the period. General American Investors Co. Inc. bought a new stake in shares of Corbus Pharmaceuticals in the first quarter valued at about $3,874,000. D. E. Shaw & Co. Inc. bought a new stake in shares of Corbus Pharmaceuticals in the fourth quarter valued at about $3,125,000. Finally, Morgan Stanley lifted its holdings 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 valued at $6,659,000 after purchasing an additional 175,705 shares in the last quarter. 40.18% of the stock is owned by institutional investors and hedge funds.
About Corbus Pharmaceuticals
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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