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

Key Points

• Corbus Pharmaceuticals shares slipped below their 50-day moving average, trading as low as $8.88 before last changing hands at $9.38. The company’s 50-day average is $9.30, and its 200-day average is $8.88.
• Wall Street remains broadly constructive despite some target cuts: analysts’ consensus rating is Moderate Buy with an average price target of $40.67. Recent updates included Mizuho and Jefferies trimming targets, while Oppenheimer maintained an outperform view.
• The company reported a smaller-than-expected quarterly loss of $1.23 per share versus the $1.26 estimate. Corbus is a clinical-stage biopharmaceutical company focused on rare inflammatory and fibrotic diseases, with lenabasum in late-stage and phase 2 testing.

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Get Free Report) passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $9.30 and traded as low as $8.88. Corbus Pharmaceuticals shares last traded at $9.38, with a volume of 585,935 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CRBP shares. Mizuho reduced their price target on Corbus Pharmaceuticals from $44.00 to $34.00 and set an "outperform" rating for the company 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. Jefferies Financial Group decreased their target price on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Oppenheimer lowered their price target 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. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Corbus Pharmaceuticals in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $40.67.

Corbus Pharmaceuticals Price Performance

The firm's 50-day moving average price is $9.30 and its 200 day moving average price is $8.88. The firm has a market capitalization of $173.81 million, a price-to-earnings ratio of -1.61 and a beta of 2.57.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.26) by $0.03. On average, analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Corbus Pharmaceuticals

In other news, Director John Kenneth Jenkins sold 4,800 shares of the business's 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 completion of the transaction, the director directly owned 3,833 shares of the company's stock, valued at $30,319.03. The trade was a 55.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Nishant C. Saxena acquired 9,000 shares of Corbus Pharmaceuticals stock in a transaction dated Wednesday, June 3rd. The stock was bought at an average price 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. This represents a 13.57% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 9,238 shares of company stock valued at $73,073 in the last three months. 3.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRBP. Assenagon Asset Management S.A. boosted its position in Corbus Pharmaceuticals by 120.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 187,956 shares of the biopharmaceutical company's stock worth $1,530,000 after acquiring an additional 102,609 shares during the last quarter. Aberdeen Group plc raised its holdings in Corbus Pharmaceuticals by 602.2% in the 4th quarter. Aberdeen Group plc now owns 1,321,750 shares of the biopharmaceutical company's stock valued at $10,759,000 after acquiring an additional 1,133,519 shares during the last quarter. HighVista Strategies LLC raised its holdings in Corbus Pharmaceuticals by 56.8% in the 3rd quarter. HighVista Strategies LLC now owns 118,027 shares of the biopharmaceutical company's stock valued at $1,493,000 after acquiring an additional 42,735 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Corbus Pharmaceuticals by 53,592.3% during the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company's stock worth $131,000 after purchasing an additional 13,934 shares during the period. Finally, Royal Bank of Canada boosted its holdings in shares of Corbus Pharmaceuticals by 81.2% during the first quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company's stock worth $281,000 after purchasing an additional 13,401 shares during the last quarter. 64.64% of the stock is currently owned by hedge funds and other 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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