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

Key Points

• Mizuho cut its price target on Corbus Pharmaceuticals from $44 to $34 while keeping an “outperform” rating, implying upside from the current share price despite the reduced expectation.
• Other analysts have also turned more cautious, with Jefferies and Wedbush lowering targets, while the overall consensus remains a Moderate Buy with an average price target of $40.67.
• Corbus shares were up 2.0% to $8.47, and the company recently reported a smaller-than-expected quarterly loss; however, insiders have shown mixed activity, with one director selling shares and another insider buying.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) had its price target dropped by stock analysts at Mizuho from $44.00 to $34.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the biopharmaceutical company's stock. Mizuho's price objective indicates a potential upside of 301.18% from the stock's current price.

A number of other equities research analysts also recently weighed in on CRBP. Jefferies Financial Group lowered their price target on Corbus Pharmaceuticals from $36.00 to $33.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Wedbush dropped their target price on Corbus Pharmaceuticals from $38.00 to $30.00 and set an "outperform" rating for the company in a research report on Wednesday, May 27th. Guggenheim reaffirmed a "buy" rating on shares of Corbus Pharmaceuticals in a research note on Tuesday, May 26th. Wall Street Zen upgraded shares of Corbus Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Saturday. Finally, HC Wainwright reissued a "buy" rating and set a $40.00 price target on shares of Corbus Pharmaceuticals in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Corbus Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $40.67.

Corbus Pharmaceuticals Trading Up 2.0%

Shares of NASDAQ CRBP traded up $0.17 during midday trading on Tuesday, hitting $8.47. 115,743 shares of the company's stock were exchanged, compared to its average volume of 314,007. Corbus Pharmaceuticals has a 12-month low of $6.72 and a 12-month high of $20.56. The company has a market cap of $157.02 million, a price-to-earnings ratio of -1.46 and a beta of 2.57. The business's fifty day moving average price is $9.47 and its two-hundred day moving average price is $8.96.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last announced its earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share for the quarter, beating analysts' consensus estimates of ($1.26) by $0.03. Equities analysts expect that Corbus Pharmaceuticals will post -4.87 earnings per share for the current fiscal year.

Insider Activity at Corbus Pharmaceuticals

In other Corbus Pharmaceuticals news, Director John Kenneth Jenkins sold 4,800 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $7.91, for a total transaction of $37,968.00. Following the completion of the transaction, the director owned 3,833 shares of the company's stock, valued at approximately $30,319.03. This trade represents a 55.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Nishant C. Saxena bought 9,000 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were acquired at an average price of $7.58 per share, for a total transaction of $68,220.00. Following the acquisition, the insider owned 75,300 shares in the company, valued at approximately $570,774. This represents a 13.57% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 9,238 shares of company stock valued at $73,073 in the last three months. Corporate insiders own 3.50% of the company's stock.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. boosted its holdings in Corbus Pharmaceuticals by 120.2% in 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 in the last quarter. Aberdeen Group plc raised its position in shares of Corbus Pharmaceuticals by 602.2% in the 4th quarter. Aberdeen Group plc now owns 1,321,750 shares of the biopharmaceutical company's stock worth $10,759,000 after purchasing an additional 1,133,519 shares during the last quarter. HighVista Strategies LLC boosted its stake in Corbus Pharmaceuticals by 56.8% in the 3rd quarter. HighVista Strategies LLC now owns 118,027 shares of the biopharmaceutical company's stock worth $1,493,000 after purchasing an additional 42,735 shares in the last quarter. Bank of America Corp DE grew its position in 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 valued at $131,000 after purchasing an additional 13,934 shares during the last quarter. Finally, Royal Bank of Canada grew 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 valued at $281,000 after buying an additional 13,401 shares during the last quarter. Hedge funds and other institutional investors 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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