Corbus Pharmaceuticals (CRBP) Trading Up 5.5%
Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) was up 5.5% on Tuesday . The stock traded as high as $7.38 and last traded at $7.33. Approximately 1,537,912 shares were traded during mid-day trading, a decline of 6% from the average daily volume of 1,634,514 shares. The stock had previously closed at $6.95.
CRBP has been the subject of a number of analyst reports. ValuEngine cut shares of Corbus Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 28th. HC Wainwright restated a “buy” rating and set a $24.00 target price on shares of Corbus Pharmaceuticals in a report on Friday, January 4th. BidaskClub downgraded shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, March 5th. Cantor Fitzgerald restated an “overweight” rating and set a $38.00 target price (up from $36.00) on shares of Corbus Pharmaceuticals in a report on Friday, January 11th. Finally, Zacks Investment Research downgraded shares of Corbus Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, March 25th. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $23.59.
The firm has a market cap of $455.70 million, a PE ratio of -7.48 and a beta of 2.16.
In other news, insider Barbara White bought 4,638 shares of the stock in a transaction on Thursday, March 14th. The shares were bought at an average price of $6.47 per share, with a total value of $30,007.86. Following the completion of the acquisition, the insider now owns 184,159 shares in the company, valued at $1,191,508.73. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders acquired 8,668 shares of company stock worth $56,923. 12.60% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Barclays PLC lifted its stake in shares of Corbus Pharmaceuticals by 5,967.8% in the 4th quarter. Barclays PLC now owns 9,041 shares of the biopharmaceutical company’s stock valued at $52,000 after purchasing an additional 8,892 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Corbus Pharmaceuticals by 357.7% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 16,973 shares of the biopharmaceutical company’s stock valued at $99,000 after buying an additional 13,265 shares during the period. P.A.W. Capital Corp acquired a new position in shares of Corbus Pharmaceuticals in the 1st quarter valued at about $209,000. D.A. Davidson & CO. lifted its holdings in shares of Corbus Pharmaceuticals by 76.5% in the 4th quarter. D.A. Davidson & CO. now owns 36,460 shares of the biopharmaceutical company’s stock valued at $213,000 after buying an additional 15,800 shares during the period. Finally, Bank of America Corp DE raised its holdings in Corbus Pharmaceuticals by 6.7% in the 4th quarter. Bank of America Corp DE now owns 37,304 shares of the biopharmaceutical company’s stock worth $218,000 after purchasing an additional 2,335 shares during the period. 40.21% of the stock is currently owned by hedge funds and other institutional investors.
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Corbus Pharmaceuticals Company Profile (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-mimetic drug to resolve chronic inflammation and fibrotic processes in systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus diseases.
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