Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price Passes Above 50-Day Moving Average - What's Next?

Key Points

• Corbus Pharmaceuticals shares moved above their 50-day moving average on Friday, trading as high as $9.36 before last changing hands at $9.17.
• Analysts remain broadly positive, with a Moderate Buy consensus and a target price of $40.67, even though several firms recently trimmed their price targets.
• The company recently beat earnings expectations, reporting EPS of -$1.23 versus the -$1.26 consensus, while insiders and institutions have also been active in the stock.

Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Get Free Report) crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $8.75 and traded as high as $9.36. Corbus Pharmaceuticals shares last traded at $9.17, with a volume of 172,702 shares traded.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wedbush dropped their price target on shares of Corbus Pharmaceuticals from $38.00 to $30.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 27th. Oppenheimer lowered their price objective on shares of Corbus Pharmaceuticals from $54.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 17th. Mizuho dropped their target price on Corbus Pharmaceuticals from $44.00 to $34.00 and set an "outperform" rating on the stock in a report on Tuesday, June 23rd. Wall Street Zen upgraded Corbus Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Saturday, June 20th. Finally, Jefferies Financial Group decreased their price target on Corbus Pharmaceuticals from $36.00 to $33.00 and set a "buy" rating for the company in a research note on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Corbus Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus target price of $40.67.

Corbus Pharmaceuticals Stock Performance

• Corbus Pharmaceuticals NASDAQ: CRBP Gives a Bold Buy Signal

The stock's 50-day simple moving average is $8.75 and its two-hundred day simple moving average is $8.97. The stock has a market cap of $169.92 million, a price-to-earnings ratio of -1.58 and a beta of 2.55.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last released its earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) EPS for the quarter, beating the consensus estimate of ($1.26) by $0.03. As a group, research analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Nishant C. Saxena purchased 9,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were purchased at an average cost of $7.58 per share, for a total transaction of $68,220.00. Following the completion of the transaction, the insider directly owned 75,300 shares of the company's stock, valued at approximately $570,774. The trade was a 13.57% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Kenneth Jenkins sold 4,800 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total value of $37,968.00. Following the transaction, the director owned 3,833 shares of the company's stock, valued at $30,319.03. This represents a 55.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,238 shares of company stock worth $73,073 in the last quarter. Corporate insiders own 3.50% of the company's stock.

Institutional Trading of Corbus Pharmaceuticals

Several large investors have recently added to or reduced their stakes in CRBP. Persistent Asset Partners Ltd bought a new position in shares of Corbus Pharmaceuticals in the fourth quarter valued at approximately $54,000. ADAR1 Capital Management LLC acquired a new position in shares of Corbus Pharmaceuticals during the third quarter worth approximately $129,000. Virtu Financial LLC bought a new stake in shares of Corbus Pharmaceuticals during the fourth quarter valued at approximately $88,000. Bank of America Corp DE grew its stake in shares of Corbus Pharmaceuticals by 53,592.3% during the first quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company's stock valued at $131,000 after purchasing an additional 13,934 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of Corbus Pharmaceuticals by 280.0% in the fourth quarter. Barclays PLC now owns 14,758 shares of the biopharmaceutical company's stock valued at $120,000 after purchasing an additional 10,874 shares in the last quarter. 64.64% of the stock is owned by institutional investors.

About Corbus Pharmaceuticals

Corbus Pharmaceuticals Holdings, Inc is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of therapeutic candidates for rare, life-threatening inflammatory and fibrotic diseases. The company's lead investigational therapy, lenabasum, is a synthetic, oral cannabinoid receptor type 2 (CB2) agonist designed to resolve chronic inflammation by harnessing the body's innate resolution pathways. Corbus operates by advancing small-molecule compounds through preclinical and clinical studies to address unmet medical needs in autoimmune and inflammatory disorders.

Lenabasum is currently under evaluation in a Phase 3 clinical trial for diffuse cutaneous systemic sclerosis (dcSSc) and in a Phase 2 study for cystic fibrosis–related inflammation.

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