Piper Sandler Initiates Coverage on Corbus Pharmaceuticals (NASDAQ:CRBP)

Analysts at Piper Sandler assumed coverage on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a report released on Monday,Benzinga reports. The firm set an “overweight” rating and a $35.00 price target on the biopharmaceutical company’s stock. Piper Sandler’s target price would indicate a potential upside of 96.41% from the company’s previous close.

Other analysts also recently issued reports about the company. Wedbush reissued an “outperform” rating and issued a $51.00 target price on shares of Corbus Pharmaceuticals in a research report on Monday, November 4th. StockNews.com downgraded shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Corbus Pharmaceuticals in a research report on Monday, September 23rd. Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, August 21st. Finally, Oppenheimer lifted 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, August 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Corbus Pharmaceuticals Stock Up 1.0 %

Corbus Pharmaceuticals stock opened at $17.82 on Monday. The firm has a 50 day moving average price of $18.20 and a 200-day moving average price of $39.60. Corbus Pharmaceuticals has a twelve month low of $4.76 and a twelve month high of $61.90. The company has a market capitalization of $217.05 million, a P/E ratio of -3.80 and a beta of 2.56.

Insider Buying and Selling at Corbus Pharmaceuticals

In other news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were purchased at an average price of $20.01 per share, with a total value of $7,003,500.00. Following the completion of the acquisition, the insider now owns 2,375,000 shares in the company, valued at $47,523,750. This trade represents a 17.28 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Corbus Pharmaceuticals by 143.7% during the 1st quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after acquiring an additional 257,808 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in Corbus Pharmaceuticals in the first quarter valued at approximately $7,554,000. Bank of New York Mellon Corp bought a new stake in Corbus Pharmaceuticals during the second quarter valued at approximately $1,368,000. Rhumbline Advisers purchased a new position in Corbus Pharmaceuticals in the 2nd quarter worth approximately $638,000. Finally, TD Asset Management Inc increased its holdings in shares of Corbus Pharmaceuticals by 92.5% in the 2nd quarter. TD Asset Management Inc now owns 40,800 shares of the biopharmaceutical company’s stock worth $1,846,000 after buying an additional 19,600 shares during the last quarter. 64.64% of the stock is currently owned by hedge funds and other institutional investors.

Corbus Pharmaceuticals Company Profile

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.