Oppenheimer Cuts Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $53.00

Key Points

• Oppenheimer has lowered its price target for Corbus Pharmaceuticals from $56.00 to $53.00, still maintaining an "outperform" rating, indicating a potential upside of 495.51% from the previous close.
• The biopharmaceutical company reported earnings of ($1.44) per share for the last quarter, surpassing analysts' expectations of ($1.55) per share.
• Current institutional ownership of Corbus Pharmaceuticals stands at 64.64%, with significant recent increases in stakes by multiple hedge funds.

Corbus Pharmaceuticals (NASDAQ:CRBP - Free Report) had its price target lowered by Oppenheimer from $56.00 to $53.00 in a report published on Wednesday,Benzinga reports. The firm currently has an outperform rating on the biopharmaceutical company's stock.

Several other brokerages have also commented on CRBP. Royal Bank Of Canada cut their price target on shares of Corbus Pharmaceuticals from $65.00 to $58.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. B. Riley upgraded shares of Corbus Pharmaceuticals to a "strong-buy" rating and set a $28.00 price target for the company in a research report on Wednesday, July 30th. HC Wainwright lowered their price objective on Corbus Pharmaceuticals from $50.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, Lifesci Capital raised Corbus Pharmaceuticals to a "strong-buy" rating in a research note on Saturday, July 12th. One analyst has rated the stock with a sell rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Corbus Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.00.

Corbus Pharmaceuticals Trading Down 6.3%

CRBP traded down $0.57 during midday trading on Wednesday, hitting $8.43. 86,797 shares of the company were exchanged, compared to its average volume of 116,367. The company's 50 day simple moving average is $8.48 and its 200 day simple moving average is $7.71. The firm has a market capitalization of $103.31 million, a price-to-earnings ratio of -1.77 and a beta of 3.20. Corbus Pharmaceuticals has a 1-year low of $4.64 and a 1-year high of $61.89.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.44) EPS for the quarter, beating the consensus estimate of ($1.55) by $0.11. On average, equities analysts anticipate that Corbus Pharmaceuticals will post -4.23 EPS for the current year.

Institutional Trading of Corbus Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of CRBP. Geode Capital Management LLC boosted its position in Corbus Pharmaceuticals by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 263,532 shares of the biopharmaceutical company's stock worth $3,110,000 after purchasing an additional 13,773 shares during the period. Wells Fargo & Company MN grew its stake in shares of Corbus Pharmaceuticals by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 6,444 shares of the biopharmaceutical company's stock valued at $76,000 after buying an additional 2,195 shares in the last quarter. Renaissance Technologies LLC lifted its position in Corbus Pharmaceuticals by 769.4% during the 4th quarter. Renaissance Technologies LLC now owns 139,100 shares of the biopharmaceutical company's stock worth $1,641,000 after acquiring an additional 123,100 shares in the last quarter. Walleye Capital LLC lifted its position in Corbus Pharmaceuticals by 49.4% during the 4th quarter. Walleye Capital LLC now owns 55,236 shares of the biopharmaceutical company's stock worth $652,000 after acquiring an additional 18,273 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in Corbus Pharmaceuticals in the 4th quarter worth approximately $339,000. Institutional investors and hedge funds own 64.64% of the company's stock.

About Corbus Pharmaceuticals

Corbus Pharmaceuticals Holdings, Inc, a biopharmaceutical company, develops products to defeat serious illness. It develops CRB-701, an antibody drug conjugate (ADC) that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of monomethyl auristatin E (MMAE), which is in Phase I clinical trial; CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFß expressed on cancer cells for the treatment of solid tumors; CRB-913, a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist for the treatment of obesity.