Oppenheimer Cuts Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $54.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price objective decreased by analysts at Oppenheimer from $57.00 to $54.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Oppenheimer’s price objective indicates a potential upside of 355.04% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a report on Monday, April 20th. Wall Street Zen raised Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Guggenheim restated a “buy” rating and set a $45.00 target price on shares of Corbus Pharmaceuticals in a report on Wednesday. Finally, Jefferies Financial Group restated a “buy” rating and set a $33.00 target price on shares of Corbus Pharmaceuticals in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.33.

Corbus Pharmaceuticals Stock Performance

Shares of NASDAQ CRBP traded up $0.44 during mid-day trading on Wednesday, reaching $11.87. 121,654 shares of the company’s stock were exchanged, compared to its average volume of 219,445. The firm has a market capitalization of $210.52 million, a price-to-earnings ratio of -1.98 and a beta of 2.68. Corbus Pharmaceuticals has a 52-week low of $6.72 and a 52-week high of $20.56. The company’s 50-day moving average is $9.70 and its 200-day moving average is $9.70.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.03. As a group, equities analysts predict that Corbus Pharmaceuticals will post -4.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. raised its position in Corbus Pharmaceuticals by 120.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 187,956 shares of the biopharmaceutical company’s stock valued at $1,530,000 after purchasing an additional 102,609 shares in the last quarter. Aberdeen Group plc raised its position in Corbus Pharmaceuticals by 602.2% in the 4th quarter. Aberdeen Group plc now owns 1,321,750 shares of the biopharmaceutical company’s stock valued at $10,759,000 after purchasing an additional 1,133,519 shares in the last quarter. HighVista Strategies LLC raised its position in Corbus Pharmaceuticals by 56.8% in the 3rd quarter. HighVista Strategies LLC now owns 118,027 shares of the biopharmaceutical company’s stock valued at $1,493,000 after purchasing an additional 42,735 shares in the last quarter. Hudson Bay Capital Management LP acquired a new stake in Corbus Pharmaceuticals in the 4th quarter valued at about $139,000. Finally, Marshall Wace LLP acquired a new stake in Corbus Pharmaceuticals in the 2nd quarter valued at about $137,000. 64.64% of the stock is currently owned by hedge funds and other institutional investors.

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.