Corbus Pharmaceuticals (NASDAQ:CRBP) Shares Pass Above Fifty Day Moving Average - Here's What Happened

Key Points

• Corbus Pharmaceuticals shares rose above their 50-day moving average, trading as high as $11.37 and last changing hands at $11.28, compared with a 50-day average of $9.57.
• Analysts maintain a generally positive outlook, with eight Buy ratings and two Sell ratings giving the stock a “Moderate Buy” consensus and an average price target of $41.00, despite several recent target cuts.
• The company reported a quarterly loss of $1.81 per share, missing the consensus estimate of a $1.26 loss; institutional investors own 64.64% of the stock, while recent insider activity included both a purchase and sales.

Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Get Free Report) passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $9.57 and traded as high as $11.37. Corbus Pharmaceuticals shares last traded at $11.28, with a volume of 900,285 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CRBP shares. Wedbush lowered their price target on shares of Corbus Pharmaceuticals from $38.00 to $30.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. Oppenheimer cut their price target on Corbus Pharmaceuticals from $52.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday, August 7th. Guggenheim reaffirmed a "buy" rating on shares of Corbus Pharmaceuticals in a report on Tuesday, May 26th. HC Wainwright reissued a "buy" rating and issued a $35.00 price target on shares of Corbus Pharmaceuticals in a research note on Wednesday, August 26th. Finally, Mizuho set a $33.00 price objective on shares of Corbus Pharmaceuticals in a report on Thursday, August 13th. Eight analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Corbus Pharmaceuticals presently has an average rating of "Moderate Buy" and an average target price of $41.00.

Corbus Pharmaceuticals Stock Performance

• Corbus Pharmaceuticals NASDAQ: CRBP Gives a Bold Buy Signal

The company has a market cap of $210.61 million, a price-to-earnings ratio of -1.82 and a beta of 2.59. The firm's 50 day simple moving average is $9.57 and its 200-day simple moving average is $9.30.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($1.26) by ($0.55). As a group, sell-side analysts expect that Corbus Pharmaceuticals Holdings, Inc. will post -5.54 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Nishant C. Saxena purchased 2,600 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was acquired at an average cost of $9.63 per share, for a total transaction of $25,038.00. Following the completion of the transaction, the insider directly owned 77,900 shares of the company's stock, valued at approximately $750,177. This trade represents a 3.45% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Kenneth Jenkins sold 4,800 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $7.91, for a total value of $37,968.00. Following the completion of the sale, the director directly owned 3,833 shares of the company's stock, valued at approximately $30,319.03. This represents a 55.60% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 38,238 shares of company stock valued at $365,393. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Orbimed Advisors LLC increased its position in 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 during the last quarter. Prosight Management LP boosted its holdings in Corbus Pharmaceuticals by 99.1% in the 4th quarter. Prosight Management LP now owns 683,872 shares of the biopharmaceutical company's stock valued at $5,567,000 after purchasing an additional 340,472 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Corbus Pharmaceuticals by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 612,030 shares of the biopharmaceutical company's stock valued at $7,742,000 after buying an additional 12,535 shares during the period. Armistice Capital LLC grew its stake in shares of Corbus Pharmaceuticals by 179.2% in the 4th quarter. Armistice Capital LLC now owns 536,000 shares of the biopharmaceutical company's stock valued at $4,363,000 after buying an additional 344,000 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Corbus Pharmaceuticals by 230.5% during the 4th quarter. Renaissance Technologies LLC now owns 354,300 shares of the biopharmaceutical company's stock worth $2,884,000 after buying an additional 247,100 shares during the last quarter. Hedge funds and other institutional investors own 64.64% of the company's stock.

Corbus Pharmaceuticals Company Profile

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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