Corbus Pharmaceuticals (CRBP) Stock Price Up 5.1%
Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) rose 5.1% on Tuesday . The stock traded as high as $7.42 and last traded at $7.27. Approximately 2,065,597 shares traded hands during mid-day trading, an increase of 136% from the average daily volume of 873,479 shares. The stock had previously closed at $6.92.
CRBP has been the topic of several analyst reports. Cantor Fitzgerald set a $36.00 price objective on Corbus Pharmaceuticals and gave the company a “buy” rating in a research note on Thursday, September 20th. ValuEngine upgraded Corbus Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Friday, September 14th. Finally, BidaskClub upgraded Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $26.67.
The stock has a market capitalization of $431.91 million, a P/E ratio of -11.37 and a beta of 2.17.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Corbus Pharmaceuticals by 8.6% during the 2nd quarter. BlackRock Inc. now owns 3,963,643 shares of the biopharmaceutical company’s stock worth $20,015,000 after acquiring an additional 315,064 shares during the last quarter. IFP Advisors Inc boosted its position in Corbus Pharmaceuticals by 12.0% in the 2nd quarter. IFP Advisors Inc now owns 1,500,805 shares of the biopharmaceutical company’s stock valued at $7,579,000 after buying an additional 160,250 shares during the last quarter. Northern Trust Corp boosted its position in Corbus Pharmaceuticals by 7.6% in the 2nd quarter. Northern Trust Corp now owns 572,325 shares of the biopharmaceutical company’s stock valued at $2,890,000 after buying an additional 40,356 shares during the last quarter. Renaissance Technologies LLC bought a new position in Corbus Pharmaceuticals in the 2nd quarter valued at $842,000. Finally, Millennium Management LLC bought a new position in Corbus Pharmaceuticals in the 2nd quarter valued at $772,000. Institutional investors and hedge funds own 42.62% of the company’s stock.
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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