Corbus Pharmaceuticals (NASDAQ:CRBP) Share Price Crosses Above Fifty Day Moving Average - Here's Why

Key Points

• Corbus Pharmaceuticals (NASDAQ:CRBP) stock has crossed above its fifty day moving average of $8.25, reaching a trading high of $9.75.
• Despite a year-to-date surge of 342%, the company reported earnings of ($1.39) per share, missing estimates by ($0.13).
• Analysts have mixed views on the stock, with nine buy ratings and a consensus target price of $49.38.

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Get Free Report) crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $8.25 and traded as high as $9.75. Corbus Pharmaceuticals shares last traded at $9.26, with a volume of 95,010 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRBP. Oppenheimer dropped their price objective on shares of Corbus Pharmaceuticals from $60.00 to $56.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Lifesci Capital raised shares of Corbus Pharmaceuticals to a "strong-buy" rating in a research note on Saturday, July 12th. HC Wainwright dropped their price objective on shares of Corbus Pharmaceuticals from $50.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. B. Riley began coverage on shares of Corbus Pharmaceuticals in a research note on Wednesday. They set a "buy" rating and a $28.00 price objective for the company. Finally, 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 research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Corbus Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $49.38.

Corbus Pharmaceuticals Stock Performance

The stock has a market cap of $113.95 million, a PE ratio of -2.21 and a beta of 3.20. The stock has a fifty day simple moving average of $8.32 and a two-hundred day simple moving average of $7.85.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, missing analysts' consensus estimates of ($1.26) by ($0.13). On average, equities analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -4.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Orbimed Advisors LLC boosted its stake in shares of Corbus Pharmaceuticals by 28.5% during the 4th quarter. Orbimed Advisors LLC now owns 1,172,287 shares of the biopharmaceutical company's stock valued at $13,833,000 after buying an additional 259,735 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Corbus Pharmaceuticals by 215.0% during the 4th quarter. Millennium Management LLC now owns 386,653 shares of the biopharmaceutical company's stock valued at $4,563,000 after buying an additional 263,902 shares during the last quarter. Altium Capital Management LLC boosted its stake in shares of 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 buying an additional 190,000 shares during the last quarter. Exome Asset Management LLC purchased a new position in shares of Corbus Pharmaceuticals during the 1st quarter valued at approximately $1,538,000. Finally, Prosight Management LP boosted its stake in shares of 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 buying an additional 140,000 shares during the last quarter. Hedge funds and other institutional investors own 64.64% of the company's stock.

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.