Wedbush Lowers Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $30.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price target decreased by equities research analysts at Wedbush from $38.00 to $30.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Wedbush’s price target would suggest a potential upside of 279.51% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Monday, April 20th. Jefferies Financial Group cut their target price on Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Wall Street Zen raised Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Oppenheimer lowered their price objective on shares of Corbus Pharmaceuticals from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, Mizuho upped their target price on Corbus Pharmaceuticals from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, Corbus Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $42.00.

Corbus Pharmaceuticals Trading Down 0.1%

Shares of CRBP opened at $7.91 on Wednesday. The stock’s 50-day moving average price is $10.02 and its two-hundred day moving average price is $9.40. Corbus Pharmaceuticals has a 12 month low of $6.72 and a 12 month high of $20.56. The company has a market capitalization of $146.46 million, a PE ratio of -1.40 and a beta of 2.68.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.03. Equities research analysts predict that Corbus Pharmaceuticals will post -4.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. grew its holdings in shares of Corbus Pharmaceuticals by 120.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 187,956 shares of the biopharmaceutical company’s stock valued at $1,530,000 after acquiring an additional 102,609 shares in the last quarter. Aberdeen Group plc lifted its holdings in Corbus Pharmaceuticals by 602.2% during the fourth quarter. Aberdeen Group plc now owns 1,321,750 shares of the biopharmaceutical company’s stock worth $10,759,000 after acquiring an additional 1,133,519 shares during the period. HighVista Strategies LLC lifted its holdings in Corbus Pharmaceuticals by 56.8% during the third quarter. HighVista Strategies LLC now owns 118,027 shares of the biopharmaceutical company’s stock worth $1,493,000 after acquiring an additional 42,735 shares during the period. Bank of America Corp DE boosted its position in 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 worth $131,000 after purchasing an additional 13,934 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in Corbus Pharmaceuticals by 81.2% in the first quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company’s stock worth $281,000 after purchasing an additional 13,401 shares during the last quarter. 64.64% of the stock is owned by institutional investors.

About Corbus Pharmaceuticals

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.