Corbus Pharmaceuticals (NASDAQ:CRBP) Share Price Crosses Above Fifty Day Moving Average - What's Next?

Key Points

• Corbus Pharmaceuticals' shares have recently crossed above their 50-day moving average of $8.48, indicating potential trading momentum, with the stock reaching a high of $9.15.
• Despite a 342% year-to-date surge in stock price, analysts have set varying price targets, with HC Wainwright decreasing their target from $50 to $40 while a few firms maintain "strong buy" ratings.
• Corbus reported a quarterly loss of ($1.44) earnings per share, which was better than analysts' expectations of ($1.55), but forecasts indicate a projected annual EPS of -4.23.

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Get Free Report) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $8.48 and traded as high as $9.15. Corbus Pharmaceuticals shares last traded at $8.43, with a volume of 86,797 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada dropped their price objective 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. Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a "strong-buy" rating in a research report on Saturday, July 12th. Oppenheimer cut their target price 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. 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. Finally, HC Wainwright dropped their price objective on shares of Corbus Pharmaceuticals from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $49.00.

Corbus Pharmaceuticals Trading Up 2.8%

The firm's fifty day moving average price is $8.51 and its two-hundred day moving average price is $7.68.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.44) earnings per share for the quarter, beating the consensus estimate of ($1.55) by $0.11. As a group, analysts anticipate that Corbus Pharmaceuticals Holdings, Inc. will post -4.23 EPS for the current fiscal year.

Institutional Trading of Corbus Pharmaceuticals

Several hedge funds have recently bought and sold shares of CRBP. Orbimed Advisors LLC lifted its holdings in shares of Corbus Pharmaceuticals by 28.5% in the 4th quarter. Orbimed Advisors LLC now owns 1,172,287 shares of the biopharmaceutical company's stock worth $13,833,000 after acquiring an additional 259,735 shares during the last quarter. Millennium Management LLC increased its stake in Corbus Pharmaceuticals by 215.0% in the 4th quarter. Millennium Management LLC now owns 386,653 shares of the biopharmaceutical company's stock worth $4,563,000 after buying an additional 263,902 shares during the period. Altium Capital Management LLC increased its position in Corbus Pharmaceuticals by 97.4% during the 4th quarter. Altium Capital Management LLC now owns 385,000 shares of the biopharmaceutical company's stock valued at $4,543,000 after purchasing an additional 190,000 shares during the period. Exome Asset Management LLC purchased a new position in Corbus Pharmaceuticals during the 1st quarter valued at about $1,538,000. Finally, Prosight Management LP increased its position in Corbus Pharmaceuticals by 107.7% during the 4th quarter. Prosight Management LP now owns 270,000 shares of the biopharmaceutical company's stock valued at $3,186,000 after purchasing an additional 140,000 shares during the period. 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.