Zacks Investment Research upgraded shares of Corbus Pharmaceuticals (NASDAQ:CRBP) from a hold rating to a strong-buy rating in a research report report published on Thursday. Zacks Investment Research currently has $7.50 price objective 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. “
Other analysts have also recently issued research reports about the company. ValuEngine cut Corbus Pharmaceuticals from a strong-buy rating to a buy rating in a research report on Thursday, November 15th. Cantor Fitzgerald restated a buy rating and set a $38.00 target price on shares of Corbus Pharmaceuticals in a report on Tuesday, March 12th. HC Wainwright initiated coverage on Corbus Pharmaceuticals in a report on Wednesday, December 26th. They set a buy rating and a $24.00 target price on the stock. BidaskClub upgraded Corbus Pharmaceuticals from a sell rating to a hold rating in a report on Thursday, December 27th. Finally, Royal Bank of Canada initiated coverage on Corbus Pharmaceuticals in a report on Friday, December 7th. They set an outperform rating and a $23.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $22.90.
Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its earnings results on Tuesday, March 12th. The biopharmaceutical company reported ($0.30) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.07). The business had revenue of $1.93 million during the quarter, compared to analyst estimates of $1.99 million. Corbus Pharmaceuticals had a negative return on equity of 101.91% and a negative net margin of 1,154.52%. Research analysts expect that Corbus Pharmaceuticals will post -0.91 EPS for the current year.
In other Corbus Pharmaceuticals news, insider Barbara White acquired 4,638 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were acquired at an average cost of $6.47 per share, for a total transaction of $30,007.86. Following the completion of the purchase, the insider now owns 184,159 shares of the company’s stock, valued at approximately $1,191,508.73. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders bought 8,668 shares of company stock worth $56,923 over the last quarter. 12.60% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of CRBP. ETF Managers Group LLC bought a new position in shares of Corbus Pharmaceuticals in the fourth quarter worth about $23,276,000. BlackRock Inc. increased its stake 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 purchasing an additional 1,256,503 shares during the period. D. E. Shaw & Co. Inc. bought a new position in shares of Corbus Pharmaceuticals in the fourth quarter worth about $3,125,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of Corbus Pharmaceuticals in the third quarter worth about $1,974,000. 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 purchasing an additional 175,705 shares during the period. Institutional investors and hedge funds own 45.31% of the company’s stock.
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-mimetic drug to resolve chronic inflammation and fibrotic processes in systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus diseases.
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