Corbus Pharmaceuticals (NASDAQ:CRBP) Earns Buy Rating from Royal Bank of Canada
Royal Bank of Canada reissued their buy rating on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a research note issued to investors on Sunday morning, AnalystRatings.com reports. Royal Bank of Canada currently has a $23.00 price objective on the biopharmaceutical company’s stock.
A number of other research analysts also recently commented on CRBP. HC Wainwright set a $24.00 target price on shares of Corbus Pharmaceuticals and gave the company a buy rating in a research report on Monday, June 24th. ValuEngine downgraded shares of Corbus Pharmaceuticals from a strong-buy rating to a buy rating in a research report on Friday, August 2nd. Zacks Investment Research raised shares of Corbus Pharmaceuticals from a hold rating to a buy rating and set a $6.75 target price on the stock in a research report on Thursday, July 25th. Finally, BidaskClub downgraded shares of Corbus Pharmaceuticals from a sell rating to a strong sell rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the stock. Corbus Pharmaceuticals currently has an average rating of Buy and a consensus target price of $23.50.
NASDAQ CRBP opened at $6.10 on Friday. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.17. The stock has a market cap of $386.76 million, a P/E ratio of -6.22 and a beta of 1.84. The firm’s 50-day simple moving average is $6.32. Corbus Pharmaceuticals has a one year low of $4.65 and a one year high of $9.11.
In other news, COO Robert Paul Discordia acquired 15,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $5.86 per share, with a total value of $87,900.00. Following the transaction, the chief operating officer now directly owns 30,150 shares in the company, valued at $176,679. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders bought 19,064 shares of company stock worth $114,021. Insiders own 8.20% of the company’s stock.
Several institutional investors have recently modified their holdings of CRBP. Aperio Group LLC acquired a new stake in Corbus Pharmaceuticals in the 2nd quarter worth approximately $29,000. Barclays PLC boosted its stake in Corbus Pharmaceuticals by 5,967.8% in the 4th quarter. Barclays PLC now owns 9,041 shares of the biopharmaceutical company’s stock worth $52,000 after purchasing an additional 8,892 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in Corbus Pharmaceuticals by 72,906.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 11,681 shares of the biopharmaceutical company’s stock worth $81,000 after purchasing an additional 11,665 shares in the last quarter. Prospera Financial Services Inc acquired a new stake in Corbus Pharmaceuticals in the 1st quarter worth approximately $97,000. Finally, WINTON GROUP Ltd acquired a new stake in Corbus Pharmaceuticals in the 2nd quarter worth approximately $97,000. 36.78% of the stock is currently owned by hedge funds and other institutional investors.
About Corbus Pharmaceuticals
Corbus Pharmaceuticals Holdings, Inc, a clinical-stage pharmaceutical company, focuses on the development and commercialization of various therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. Its lead product candidate is lenabasum, a synthetic oral endocannabinoid drug that is in Phase 3 clinical trial for the treatment of systemic sclerosis and dermatomyositis, and in Phase 2 clinical trial to treat systemic lupus erythematosus and cystic fibrosis.
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