Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target Raised to $38.00 at Wedbush

Key Points

• Wedbush raised the price target for Corbus Pharmaceuticals from $31.00 to $38.00, signaling a potential upside of 101.86% from the current stock price.
• The stock has exhibited a remarkable 342% year-to-date surge and currently carries an average rating of "Moderate Buy" with a consensus target price of $43.57.
• Despite mixed ratings from various analysts, the majority favor the stock with one Strong Buy, eight Buy, and two Sell ratings, highlighting strong institutional interest in Corbus Pharmaceuticals.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) had its price objective upped by research analysts at Wedbush from $31.00 to $38.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the biopharmaceutical company's stock. Wedbush's price target would indicate a potential upside of 101.86% from the stock's current price.

A number of other analysts have also recently weighed in on the stock. HC Wainwright restated a "buy" rating and issued a $40.00 price target on shares of Corbus Pharmaceuticals in a report on Monday. Oppenheimer cut their price target on shares of Corbus Pharmaceuticals from $56.00 to $53.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Benchmark reissued a "reduce" rating on shares of Corbus Pharmaceuticals in a report on Monday. Weiss Ratings reissued a "sell (d-)" rating on shares of Corbus Pharmaceuticals in a report on Wednesday, October 8th. Finally, B. Riley raised shares of Corbus Pharmaceuticals to a "strong-buy" rating and set a $28.00 price objective on the stock in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.57.

Corbus Pharmaceuticals Price Performance

Shares of Corbus Pharmaceuticals stock opened at $18.83 on Monday. The firm's 50-day moving average is $11.62 and its two-hundred day moving average is $9.07. Corbus Pharmaceuticals has a 1 year low of $4.64 and a 1 year high of $21.00. The stock has a market cap of $230.79 million, a price-to-earnings ratio of -4.16 and a beta of 2.84.

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

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several large investors have recently made changes to their positions in CRBP. Comerica Bank increased its holdings in Corbus Pharmaceuticals by 20,000,000.0% in the 1st quarter. Comerica Bank now owns 200,001 shares of the biopharmaceutical company's stock valued at $1,062,000 after purchasing an additional 200,000 shares during the last quarter. Exome Asset Management LLC purchased a new position in Corbus Pharmaceuticals in the first quarter worth approximately $1,538,000. Aberdeen Group plc lifted its position in shares of Corbus Pharmaceuticals by 168.6% during the 2nd quarter. Aberdeen Group plc now owns 72,226 shares of the biopharmaceutical company's stock worth $498,000 after purchasing an additional 45,332 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Corbus Pharmaceuticals during the 1st quarter worth about $1,007,000. Finally, Atle Fund Management AB boosted its holdings in Corbus Pharmaceuticals by 78.6% in the second quarter. Atle Fund Management AB now owns 175,582 shares of the biopharmaceutical company's stock valued at $1,212,000 after purchasing an additional 77,278 shares in the last quarter. 64.64% of the stock is currently owned by institutional investors and hedge funds.

Corbus Pharmaceuticals Company Profile

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.

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