Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP)’s stock price fell 5.2% during trading on Wednesday . The stock traded as low as $5.72 and last traded at $5.78, 550,485 shares traded hands during trading. A decline of 54% from the average session volume of 1,189,567 shares. The stock had previously closed at $6.10.
Several research firms have commented on CRBP. BidaskClub upgraded Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Wednesday. HC Wainwright set a $24.00 price objective on Corbus Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, June 24th. Zacks Investment Research upgraded Corbus Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $7.00 price objective for the company in a research note on Tuesday. ValuEngine lowered Corbus Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 2nd. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $23.00 price objective on shares of Corbus Pharmaceuticals in a research note on Sunday. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $23.50.
The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.17. The company’s 50-day moving average is $6.30. The company has a market cap of $393.18 million, a price-to-earnings ratio of -5.90 and a beta of 1.84.
In related news, COO Robert Paul Discordia purchased 15,000 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $5.86 per share, for a total transaction of $87,900.00. Following the completion of the transaction, the chief operating officer now directly owns 30,150 shares of the company’s stock, valued at $176,679. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders bought 19,064 shares of company stock valued at $114,021 over the last 90 days. Company insiders own 8.20% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRBP. Aperio Group LLC acquired a new position in Corbus Pharmaceuticals in the second quarter valued at approximately $29,000. BNP Paribas Arbitrage SA lifted its holdings in Corbus Pharmaceuticals by 72,906.3% in the first quarter. BNP Paribas Arbitrage SA now owns 11,681 shares of the biopharmaceutical company’s stock valued at $81,000 after acquiring an additional 11,665 shares during the last quarter. Prospera Financial Services Inc acquired a new position in Corbus Pharmaceuticals in the first quarter valued at approximately $97,000. WINTON GROUP Ltd acquired a new position in Corbus Pharmaceuticals in the second quarter valued at approximately $97,000. Finally, Cetera Advisor Networks LLC acquired a new position in Corbus Pharmaceuticals in the first quarter valued at approximately $98,000. Hedge funds and other institutional investors own 36.78% of the company’s stock.
About Corbus Pharmaceuticals (NASDAQ:CRBP)
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 drug that is in Phase 3 clinical trial for the treatment of systemic sclerosis and dermatomyositis, and in Phase 2 clinical trial to treat systemic lupus erythematosus and cystic fibrosis.
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