Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price Passes Above Fifty Day Moving Average - Here's What Happened

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Get Free Report) shares passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $7.81 and traded as high as $8.63. Corbus Pharmaceuticals shares last traded at $8.36, with a volume of 87,180 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Lifesci Capital raised Corbus Pharmaceuticals to a "strong-buy" rating in a report on Saturday, July 12th. B. Riley reissued a "buy" rating on shares of Corbus Pharmaceuticals in a report on Wednesday, May 7th. HC Wainwright cut their price objective on Corbus Pharmaceuticals from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Royal Bank Of Canada cut their price objective on Corbus Pharmaceuticals from $65.00 to $58.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Finally, Oppenheimer cut their price objective on Corbus Pharmaceuticals from $60.00 to $56.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.88.

Corbus Pharmaceuticals Trading Down 0.7%

The stock has a market capitalization of $103.55 million, a price-to-earnings ratio of -2.00 and a beta of 3.05. The firm has a 50-day moving average of $7.90 and a 200 day moving average of $8.11.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.26) by ($0.13). Equities research analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -4.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN increased its position in shares of Corbus Pharmaceuticals by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 6,444 shares of the biopharmaceutical company's stock valued at $76,000 after purchasing an additional 2,195 shares during the period. Deutsche Bank AG increased its position in shares of Corbus Pharmaceuticals by 46.8% during the 4th quarter. Deutsche Bank AG now owns 8,206 shares of the biopharmaceutical company's stock valued at $97,000 after purchasing an additional 2,616 shares during the period. Aquatic Capital Management LLC acquired a new position in shares of Corbus Pharmaceuticals during the 4th quarter valued at $101,000. Two Sigma Advisers LP acquired a new position in shares of Corbus Pharmaceuticals during the 4th quarter valued at $130,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of Corbus Pharmaceuticals during the 4th quarter valued at $323,000. 64.64% of the stock is currently owned by institutional investors and hedge funds.

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.