Corbus Pharmaceuticals (NASDAQ:CRBP) Given New $60.00 Price Target at Oppenheimer

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price target increased by Oppenheimer from $58.00 to $60.00 in a research note released on Wednesday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the biopharmaceutical company’s stock.

A number of other brokerages have also commented on CRBP. StockNews.com raised Corbus Pharmaceuticals from a sell rating to a hold rating in a research note on Wednesday, February 28th. Jefferies Financial Group raised shares of Corbus Pharmaceuticals from a hold rating to a buy rating and boosted their target price for the stock from $4.00 to $46.00 in a report on Wednesday, March 6th.

Corbus Pharmaceuticals Stock Up 6.6 %

Corbus Pharmaceuticals stock opened at $42.39 on Wednesday. The stock has a market cap of $445.52 million, a PE ratio of -4.09 and a beta of 2.46. Corbus Pharmaceuticals has a 12-month low of $3.03 and a 12-month high of $49.87. The business’s 50-day moving average price is $38.60 and its two-hundred day moving average price is $20.33.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Tuesday, March 12th. The biopharmaceutical company reported ($1.81) EPS for the quarter, beating the consensus estimate of ($2.36) by $0.55. As a group, analysts expect that Corbus Pharmaceuticals will post -5.21 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Cormorant Asset Management, Lp bought 250,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was acquired at an average price of $40.05 per share, with a total value of $10,012,500.00. Following the completion of the purchase, the insider now directly owns 1,725,000 shares of the company’s stock, valued at $69,086,250. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.00% of the stock is owned by insiders.

Institutional Trading of Corbus Pharmaceuticals

An institutional investor recently bought a new position in Corbus Pharmaceuticals stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 24,880 shares of the biopharmaceutical company’s stock, valued at approximately $976,000. Mirae Asset Global Investments Co. Ltd. owned 0.24% of Corbus Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 64.64% of the company’s stock.

About Corbus Pharmaceuticals

Corbus Pharmaceuticals Holdings, Inc, a biopharmaceutical company, develops products to defeat serious illness. It develops CRB-701, an antibody drug conjugate (ADC) that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of monomethyl auristatin E (MMAE), which is in Phase I clinical trial; CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFß expressed on cancer cells for the treatment of solid tumors; CRB-913, a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist for the treatment of obesity.