Corbus Pharmaceuticals (NASDAQ:CRBP) Stock Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• Corbus Pharmaceuticals shares crossed above their 50-day moving average, trading as high as $10.88 and last changing hands at $10.69, up 3.0%.
• Analyst sentiment remains generally positive, with eight Buy ratings and two Sell ratings, a consensus “Moderate Buy” rating, and an average price target of $41.00.
• The company missed quarterly earnings expectations, reporting a loss of $1.81 per share versus the $1.26 consensus estimate. Insider activity was mixed, with recent purchases offset by larger insider sales.

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Get Free Report)'s stock price passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $9.22 and traded as high as $10.88. Corbus Pharmaceuticals shares last traded at $10.69, with a volume of 1,312,374 shares traded.

Analyst Ratings Changes

A number of brokerages have weighed in on CRBP. Mizuho set a $33.00 target price on shares of Corbus Pharmaceuticals in a research note on Thursday, August 13th. Wedbush dropped their price target on Corbus Pharmaceuticals from $38.00 to $30.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 27th. Wall Street Zen lowered Corbus Pharmaceuticals from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Jefferies Financial Group reduced their price objective on Corbus Pharmaceuticals from $36.00 to $33.00 and set a "buy" rating for the company in a research report on Tuesday, May 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Corbus Pharmaceuticals in a report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $41.00.

Corbus Pharmaceuticals Trading Up 3.0%

• Corbus Pharmaceuticals NASDAQ: CRBP Gives a Bold Buy Signal

The company's 50 day moving average price is $9.22 and its two-hundred day moving average price is $9.16. The firm has a market cap of $199.58 million, a PE ratio of -1.73 and a beta of 2.59.

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

Insider Buying and Selling

In other news, insider Nishant C. Saxena bought 9,000 shares of the firm's stock in a transaction on Wednesday, June 3rd. The shares were bought at an average price of $7.58 per share, for a total transaction of $68,220.00. Following the purchase, the insider owned 75,300 shares in the company, valued at approximately $570,774. The trade was a 13.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sean F. Moran sold 12,000 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $10.08, for a total transaction of $120,960.00. Following the sale, the chief financial officer owned 84,694 shares in the company, valued at approximately $853,715.52. The trade was a 12.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have purchased 16,100 shares of company stock valued at $126,243 and have sold 38,238 shares valued at $365,393. 3.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Persistent Asset Partners Ltd bought a new position in Corbus Pharmaceuticals in the 4th quarter worth $54,000. ADAR1 Capital Management LLC bought a new stake in Corbus Pharmaceuticals during the third quarter valued at about $129,000. Virtu Financial LLC bought a new stake in Corbus Pharmaceuticals during the fourth quarter valued at about $88,000. Bank of America Corp DE lifted its position in shares of 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 acquiring an additional 13,934 shares in the last quarter. Finally, Barclays PLC lifted its position 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 acquiring an additional 10,874 shares in 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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