Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target Cut to $53.00 by Analysts at Oppenheimer

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 objective trimmed 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.

Other analysts also recently issued reports about the company. Royal Bank Of Canada decreased their price target on Corbus Pharmaceuticals from $65.00 to $58.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. B. Riley raised Corbus Pharmaceuticals to a "strong-buy" rating and set a $28.00 target price for the company in a research report on Wednesday, July 30th. HC Wainwright decreased their price objective on shares of Corbus Pharmaceuticals from $50.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Finally, Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a "strong-buy" rating in a report on Saturday, July 12th. One analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Corbus Pharmaceuticals currently has an average rating of "Moderate Buy" and an average price target of $49.00.

Corbus Pharmaceuticals Stock Down 6.3%

Shares of CRBP stock traded down $0.57 during trading hours on Wednesday, reaching $8.43. The company's stock had a trading volume of 86,797 shares, compared to its average volume of 116,367. The firm's 50 day simple moving average is $8.48 and its 200-day simple moving average is $7.74. Corbus Pharmaceuticals has a fifty-two week low of $4.64 and a fifty-two week high of $61.89. The company has a market capitalization of $103.35 million, a price-to-earnings ratio of -1.77 and a beta of 3.20.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.44) EPS for the quarter, topping analysts' consensus estimates of ($1.55) by $0.11. Sell-side analysts predict that Corbus Pharmaceuticals will post -4.23 earnings per share for the current year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the company. Corton Capital Inc. purchased a new position in Corbus Pharmaceuticals during the 2nd quarter valued at approximately $86,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Corbus Pharmaceuticals in the second quarter valued at $141,000. Aberdeen Group plc grew its stake in shares of Corbus Pharmaceuticals by 168.6% in the 2nd quarter. Aberdeen Group plc now owns 72,226 shares of the biopharmaceutical company's stock worth $498,000 after buying an additional 45,332 shares in the last quarter. Atle Fund Management AB grew its stake in shares of Corbus Pharmaceuticals by 78.6% in the 2nd quarter. Atle Fund Management AB now owns 175,582 shares of the biopharmaceutical company's stock worth $1,212,000 after buying an additional 77,278 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of Corbus Pharmaceuticals in the 1st quarter worth $1,007,000. Hedge funds and other institutional investors 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.