Royal Bank of Canada Reaffirms “Outperform” Rating for Corbus Pharmaceuticals (NASDAQ:CRBP)

Royal Bank of Canada reissued their outperform rating on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a $82.00 price target on the biopharmaceutical company’s stock.

CRBP has been the subject of a number of other reports. HC Wainwright reissued a buy rating and issued a $80.00 price target on shares of Corbus Pharmaceuticals in a report on Tuesday. Wedbush began coverage on shares of Corbus Pharmaceuticals in a report on Tuesday, July 30th. They issued an outperform rating and a $85.00 target price on the stock. B. Riley initiated coverage on shares of Corbus Pharmaceuticals in a report on Wednesday, June 26th. They set a buy rating and a $85.00 price target for the company. Oppenheimer upped their price objective on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an outperform rating in a research note on Wednesday. Finally, StockNews.com raised shares of Corbus Pharmaceuticals from a sell rating to a hold rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Corbus Pharmaceuticals has an average rating of Moderate Buy and an average target price of $77.67.

Corbus Pharmaceuticals Stock Up 5.5 %

Shares of Corbus Pharmaceuticals stock traded up $2.97 on Wednesday, hitting $56.57. The company’s stock had a trading volume of 317,412 shares, compared to its average volume of 542,794. The firm has a fifty day moving average price of $51.22 and a 200-day moving average price of $40.67. Corbus Pharmaceuticals has a 52-week low of $3.03 and a 52-week high of $61.90. The company has a market capitalization of $604.56 million, a P/E ratio of -8.13 and a beta of 2.59.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.19) by $0.29. As a group, analysts expect that Corbus Pharmaceuticals will post -4.68 earnings per share for the current year.

Insider Buying and Selling at Corbus Pharmaceuticals

In other news, CFO Sean F. Moran sold 9,355 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $49.87, for a total value of $466,533.85. Following the transaction, the chief financial officer now directly owns 48,605 shares in the company, valued at approximately $2,423,931.35. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Sean F. Moran sold 9,355 shares of Corbus Pharmaceuticals stock in a transaction on Friday, June 14th. The shares were sold at an average price of $49.87, for a total transaction of $466,533.85. Following the transaction, the chief financial officer now owns 48,605 shares in the company, valued at approximately $2,423,931.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Yuval Cohen sold 29,317 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $50.17, for a total transaction of $1,470,833.89. Following the sale, the chief executive officer now directly owns 84,400 shares of the company’s stock, valued at $4,234,348. The disclosure for this sale can be found here. Insiders have sold a total of 51,733 shares of company stock worth $2,530,799 in the last quarter. 4.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Several hedge funds have recently modified their holdings of CRBP. Janus Henderson Group PLC acquired a new stake in Corbus Pharmaceuticals in the first quarter valued at approximately $13,363,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Corbus Pharmaceuticals in the first quarter valued at $7,554,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Corbus Pharmaceuticals during the 1st quarter valued at $976,000. Ikarian Capital LLC increased its stake in Corbus Pharmaceuticals by 185.5% during the 1st quarter. Ikarian Capital LLC now owns 559,271 shares of the biopharmaceutical company’s stock worth $21,946,000 after buying an additional 363,372 shares during the period. Finally, Rhumbline Advisers acquired a new position in Corbus Pharmaceuticals in the 2nd quarter worth $638,000. 64.64% of the stock is currently owned by hedge funds and other institutional investors.

About Corbus Pharmaceuticals

Corbus Pharmaceuticals Holdings, Inc, a biopharmaceutical company, develops products to defeat serious illness. It develops CRB-701, an antibody drug conjugate (ADC) that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of monomethyl auristatin E (MMAE), which is in Phase I clinical trial; CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFß expressed on cancer cells for the treatment of solid tumors; CRB-913, a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist for the treatment of obesity.