Corbus Pharmaceuticals (CRBP) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Corbus Pharmaceuticals (NASDAQ:CRBP) from a buy rating to a hold rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Corbus Pharmaceuticals Holdings, Inc. is a Phase 3 clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. The Company’s lead product candidate, lenabasum, is a novel, synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation and fibrotic processes. Lenabasum is currently being evaluated in systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus. “

Several other research analysts have also commented on the company. BidaskClub lowered Corbus Pharmaceuticals from a hold rating to a sell rating in a research report on Thursday, April 11th. ValuEngine upgraded Corbus Pharmaceuticals from a buy rating to a strong-buy rating in a research report on Thursday, March 21st. Jefferies Financial Group initiated coverage on Corbus Pharmaceuticals in a research report on Friday, April 5th. They issued a buy rating and a $18.00 target price for the company. HC Wainwright initiated coverage on Corbus Pharmaceuticals in a research report on Wednesday, December 26th. They issued a buy rating and a $24.00 target price for the company. Finally, CIBC initiated coverage on Corbus Pharmaceuticals in a research report on Wednesday, March 20th. They issued an outperform rating and a $28.00 target price for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $23.59.

Shares of NASDAQ CRBP opened at $7.21 on Tuesday. Corbus Pharmaceuticals has a fifty-two week low of $4.50 and a fifty-two week high of $9.11. The company has a market cap of $461.50 million, a price-to-earnings ratio of -7.36 and a beta of 2.16.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its quarterly earnings data on Tuesday, March 12th. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.07). Corbus Pharmaceuticals had a negative net margin of 1,154.52% and a negative return on equity of 116.34%. The business had revenue of $1.93 million for the quarter, compared to analyst estimates of $1.99 million. Equities research analysts forecast that Corbus Pharmaceuticals will post -0.88 earnings per share for the current year.

In other news, insider Barbara White bought 4,638 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $6.47 per share, for a total transaction of $30,007.86. Following the transaction, the insider now owns 184,159 shares in the company, valued at $1,191,508.73. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders bought 8,668 shares of company stock valued at $56,923. Insiders own 12.60% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Corbus Pharmaceuticals by 31.7% during the 3rd quarter. BlackRock Inc. now owns 5,220,146 shares of the biopharmaceutical company’s stock valued at $39,412,000 after purchasing an additional 1,256,503 shares during the period. ETF Managers Group LLC acquired a new position in Corbus Pharmaceuticals during the 4th quarter valued at approximately $23,276,000. Vanguard Group Inc boosted its position in Corbus Pharmaceuticals by 0.5% during the 3rd quarter. Vanguard Group Inc now owns 2,390,014 shares of the biopharmaceutical company’s stock valued at $18,045,000 after purchasing an additional 11,609 shares during the period. Vanguard Group Inc. boosted its position in Corbus Pharmaceuticals by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 2,390,014 shares of the biopharmaceutical company’s stock valued at $18,045,000 after purchasing an additional 11,609 shares during the period. Finally, IFP Advisors Inc boosted its position in Corbus Pharmaceuticals by 6.8% during the 4th quarter. IFP Advisors Inc now owns 1,608,569 shares of the biopharmaceutical company’s stock valued at $9,458,000 after purchasing an additional 102,323 shares during the period. Institutional investors and hedge funds own 40.21% of the company’s stock.

Corbus Pharmaceuticals Company Profile

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-mimetic drug to resolve chronic inflammation and fibrotic processes in systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus diseases.

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