Nishant Saxena Acquires 9,000 Shares of Corbus Pharmaceuticals (NASDAQ:CRBP) Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) insider Nishant Saxena bought 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was purchased at an average cost of $7.58 per share, for a total transaction of $68,220.00. Following the completion of the purchase, the insider owned 75,300 shares of the company’s stock, valued at $570,774. This trade represents a 13.57% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Corbus Pharmaceuticals Stock Up 8.4%

Shares of NASDAQ CRBP opened at $8.00 on Friday. Corbus Pharmaceuticals Holdings, Inc. has a 52 week low of $6.72 and a 52 week high of $20.56. The firm’s fifty day moving average is $9.85 and its 200 day moving average is $9.25. The company has a market cap of $148.22 million, a price-to-earnings ratio of -1.37 and a beta of 2.57.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) EPS for the quarter, topping the consensus estimate of ($1.26) by $0.03. Equities research analysts anticipate that Corbus Pharmaceuticals Holdings, Inc. will post -4.87 earnings per share for the current year.

Institutional Trading of Corbus Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Persistent Asset Partners Ltd bought a new stake in shares of Corbus Pharmaceuticals during the 4th quarter valued at $54,000. ADAR1 Capital Management LLC bought a new stake in shares of Corbus Pharmaceuticals during the 3rd quarter valued at $129,000. Virtu Financial LLC bought a new stake in shares of Corbus Pharmaceuticals during the 4th quarter valued at $88,000. Bank of America Corp DE boosted its holdings in shares of Corbus Pharmaceuticals by 53,592.3% during the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock valued at $131,000 after buying an additional 13,934 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of Corbus Pharmaceuticals by 280.0% during the 4th quarter. Barclays PLC now owns 14,758 shares of the biopharmaceutical company’s stock valued at $120,000 after buying an additional 10,874 shares in the last quarter. Institutional investors own 64.64% of the company’s stock.

Wall Street Analyst Weigh In

CRBP has been the topic of several recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $40.00 price target on shares of Corbus Pharmaceuticals in a report on Tuesday, May 26th. Wedbush cut their price target on shares of Corbus Pharmaceuticals from $38.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Jefferies Financial Group cut their price target on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Oppenheimer cut their price target on shares of Corbus Pharmaceuticals from $57.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.00.

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.