HC Wainwright Has Lowered Expectations for Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Price

Key Points

• HC Wainwright lowered its price target for Corbus Pharmaceuticals from $40 to $35 but maintained a “Buy” rating, implying roughly 259% upside from the prior close.
• Analyst sentiment remains broadly positive, with eight Buy ratings and two Sell ratings; the consensus rating is “Moderate Buy” with an average target price of $41.62.
• Corbus shares opened at $9.74, while the company reported a quarterly EPS loss of $1.81, missing the $1.26 consensus estimate. Institutional investors own approximately 64.64% of the stock.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) had its price target lowered by investment analysts at HC Wainwright from $40.00 to $35.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. HC Wainwright's price objective suggests a potential upside of 259.34% from the stock's previous close.

Several other analysts also recently weighed in on the stock. Wall Street Zen upgraded shares of Corbus Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Saturday, June 20th. Wedbush lowered their target price on Corbus Pharmaceuticals from $38.00 to $30.00 and set an "outperform" rating for the company in a report on Wednesday, May 27th. Oppenheimer dropped their target price on Corbus Pharmaceuticals from $54.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, June 17th. Jefferies Financial Group reduced their price target 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. Finally, Guggenheim restated a "buy" rating on shares of Corbus Pharmaceuticals in a report on Tuesday, May 26th. Eight analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $41.62.

Corbus Pharmaceuticals Trading Up 1.8%

• Corbus Pharmaceuticals NASDAQ: CRBP Gives a Bold Buy Signal

Shares of CRBP opened at $9.74 on Friday. The firm has a 50-day moving average price of $8.68 and a 200 day moving average price of $9.04. Corbus Pharmaceuticals has a 12-month low of $7.12 and a 12-month high of $20.56. The firm has a market capitalization of $180.48 million, a P/E ratio of -1.67 and a beta of 2.59.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The biopharmaceutical company reported ($1.81) EPS for the quarter, missing the consensus estimate of ($1.26) by ($0.55). Equities research analysts predict that Corbus Pharmaceuticals 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 Corbus Pharmaceuticals stock in a transaction dated 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 owned 3,833 shares in the company, valued at approximately $30,319.03. This trade represents a 55.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Nishant C. Saxena acquired 9,000 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The stock was bought at an average price of $7.58 per share, with a total value of $68,220.00. Following the purchase, the insider directly owned 75,300 shares in the company, valued at approximately $570,774. This trade represents a 13.57% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 9,238 shares of company stock valued at $73,073 over the last three months. 3.50% of the stock is currently owned by insiders.

Institutional Trading of Corbus Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in CRBP. Orbimed Advisors LLC grew its stake in shares of Corbus Pharmaceuticals by 8.8% during the first quarter. Orbimed Advisors LLC now owns 1,737,287 shares of the biopharmaceutical company's stock worth $16,313,000 after purchasing an additional 140,000 shares in the last quarter. Exome Asset Management LLC increased its holdings in Corbus Pharmaceuticals by 67.8% in the first quarter. Exome Asset Management LLC now owns 234,136 shares of the biopharmaceutical company's stock valued at $2,199,000 after buying an additional 94,593 shares during the last quarter. Seven Fleet Capital Management LP raised its stake in Corbus Pharmaceuticals by 51.0% in the first quarter. Seven Fleet Capital Management LP now owns 85,687 shares of the biopharmaceutical company's stock valued at $805,000 after buying an additional 28,937 shares in the last quarter. Bank of America Corp DE raised its stake in Corbus Pharmaceuticals by 53,592.3% in the first quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company's stock valued at $131,000 after buying an additional 13,934 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in Corbus Pharmaceuticals by 81.2% during the 1st quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company's stock worth $281,000 after buying an additional 13,401 shares during the last quarter. Institutional investors and hedge funds own 64.64% of the company's stock.

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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