B. Riley Cuts Corbus Pharmaceuticals (NASDAQ:CRBP) Price Target to $40.00

Corbus Pharmaceuticals (NASDAQ:CRBP) had its price target cut by B. Riley from $85.00 to $40.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Other equities analysts have also recently issued research reports about the company. Lifesci Capital raised Corbus Pharmaceuticals to a strong-buy rating in a research report on Wednesday, August 21st. Royal Bank of Canada reissued an outperform rating and set a $82.00 price objective on shares of Corbus Pharmaceuticals in a research report on Friday. Wedbush cut their price objective on Corbus Pharmaceuticals from $85.00 to $51.00 and set an outperform rating for the company in a research report on Friday. HC Wainwright reissued a buy rating and set a $80.00 price objective on shares of Corbus Pharmaceuticals in a research report on Tuesday, August 6th. Finally, Mizuho restated an outperform rating and set a $74.00 price target on shares of Corbus Pharmaceuticals in a research note on Friday. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $65.86.

Corbus Pharmaceuticals Price Performance

Shares of NASDAQ:CRBP opened at $19.51 on Friday. Corbus Pharmaceuticals has a fifty-two week low of $3.03 and a fifty-two week high of $61.90. The business has a 50-day moving average of $55.03 and a two-hundred day moving average of $47.11. The stock has a market capitalization of $208.50 million, a P/E ratio of -2.80 and a beta of 2.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.29. As a group, research analysts expect that Corbus Pharmaceuticals will post -3.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ikarian Capital LLC grew its stake in shares of Corbus Pharmaceuticals by 185.5% in the 1st quarter. Ikarian Capital LLC now owns 559,271 shares of the biopharmaceutical company’s stock valued at $21,946,000 after purchasing an additional 363,372 shares during the period. Vanguard Group Inc. grew its stake in shares of Corbus Pharmaceuticals by 143.7% in the 1st quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after purchasing an additional 257,808 shares during the period. Janus Henderson Group PLC bought a new stake in shares of Corbus Pharmaceuticals in the 1st quarter valued at approximately $13,363,000. Darwin Global Management Ltd. bought a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter valued at approximately $14,267,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Corbus Pharmaceuticals in the 1st quarter valued at approximately $7,554,000. 64.64% of the stock is currently owned by 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.