Corbus Pharmaceuticals (NASDAQ:CRBP) Given New $23.00 Price Target at Mizuho

Key Points

• Mizuho lowered its price target on Corbus Pharmaceuticals from $24 to $23 but maintained an “outperform” rating; the target implies about 475% upside from the stock’s then-current price.
• Analyst sentiment is generally positive: seven analysts rate CRBP a Buy and one a Sell, producing a “Moderate Buy” consensus and an average price target of $38.14.
• Corbus reported a quarterly loss of $1.81 per share, missing analyst expectations for a loss of $1.27 per share.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) had its target price lowered by analysts at Mizuho from $24.00 to $23.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "outperform" rating on the biopharmaceutical company's stock. Mizuho's price objective would suggest a potential upside of 475.00% from the company's current price.

A number of other research analysts have also recently issued reports on CRBP. Weiss Ratings reiterated a "sell (d-)" rating on shares of Corbus Pharmaceuticals in a research note on Thursday, October 15th. Oppenheimer reissued an "outperform" rating on shares of Corbus Pharmaceuticals in a report on Wednesday. HC Wainwright restated a "buy" rating and set a $35.00 price target on shares of Corbus Pharmaceuticals in a research report on Monday, September 14th. Finally, Wall Street Zen cut Corbus Pharmaceuticals from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Corbus Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $38.14.

Corbus Pharmaceuticals Trading Up 1.8%

• Corbus Pharmaceuticals NASDAQ: CRBP Gives a Bold Buy Signal

Shares of Corbus Pharmaceuticals stock opened at $4.00 on Thursday. Corbus Pharmaceuticals has a 12-month low of $2.81 and a 12-month high of $12.88. The company has a 50-day simple moving average of $5.99 and a 200 day simple moving average of $8.40.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last released its quarterly earnings results on Tuesday, November 10th. The biopharmaceutical company reported ($1.81) EPS for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.54). On average, analysts predict that Corbus Pharmaceuticals will post -5.89 EPS for the current year.

Insider Transactions at Corbus Pharmaceuticals

In related news, major shareholder Cormorant Asset Management, Lp sold 425,000 shares of the company's stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $4.10, for a total transaction of $1,742,500.00. Following the transaction, the insider owned 1,919,971 shares in the company, valued at $7,871,881.10. This represents a 18.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRBP. Orbimed Advisors LLC raised its stake in shares of Corbus Pharmaceuticals by 8.8% in the first quarter. Orbimed Advisors LLC now owns 1,737,287 shares of the biopharmaceutical company's stock worth $16,313,000 after acquiring an additional 140,000 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Corbus Pharmaceuticals by 76.6% during the first quarter. Dimensional Fund Advisors LP now owns 136,602 shares of the biopharmaceutical company's stock valued at $1,281,000 after purchasing an additional 59,248 shares during the last quarter. Exome Asset Management LLC grew its stake in shares of Corbus Pharmaceuticals by 67.8% during the first quarter. Exome Asset Management LLC now owns 234,136 shares of the biopharmaceutical company's stock valued at $2,199,000 after purchasing an additional 94,593 shares during the last quarter. Seven Fleet Capital Management LP grew its stake in shares of Corbus Pharmaceuticals by 51.0% during the first quarter. Seven Fleet Capital Management LP now owns 85,687 shares of the biopharmaceutical company's stock valued at $805,000 after purchasing an additional 28,937 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Corbus Pharmaceuticals by 81.2% in the first quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company's stock valued at $281,000 after purchasing an additional 13,401 shares in the last quarter. Institutional investors and hedge funds own 64.64% of the company's stock.

About Corbus Pharmaceuticals

Corbus Pharmaceuticals Holdings, Inc. is a biopharmaceutical company focused on developing medicines for serious diseases in oncology and immunology. The company's research is centered on therapies designed to modulate immune-cell activity and target biological pathways involved in cancer and inflammatory disease. Corbus' oncology pipeline has included soquelitinib, formerly known as CPI-818, an oral, selective inhibitor of interleukin-2-inducible T-cell kinase (ITK) being evaluated for its potential to treat T-cell lymphomas and other cancers.

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