Corbus Pharmaceuticals (CRBP) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Corbus Pharmaceuticals (NASDAQ:CRBP) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.05), MarketWatch Earnings reports. The firm had revenue of $1.09 million during the quarter, compared to analyst estimates of $1.66 million.

NASDAQ CRBP traded down $0.26 during trading hours on Friday, hitting $6.61. 942,460 shares of the company’s stock were exchanged, compared to its average volume of 1,131,068. Corbus Pharmaceuticals has a 12-month low of $4.50 and a 12-month high of $9.95. The company has a market capitalization of $435.91 million, a PE ratio of -10.17 and a beta of 2.16.

Several analysts have recently issued reports on CRBP shares. Cantor Fitzgerald set a $36.00 price objective on Corbus Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, October 1st. ValuEngine upgraded Corbus Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, August 2nd. B. Riley assumed coverage on Corbus Pharmaceuticals in a research report on Wednesday, October 24th. They set a “buy” rating and a $22.00 target price on the stock. Finally, BidaskClub upgraded Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 1st. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $27.33.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRBP. BlackRock Inc. lifted its position in Corbus Pharmaceuticals by 31.7% during the third quarter. BlackRock Inc. now owns 5,220,146 shares of the biopharmaceutical company’s stock worth $39,412,000 after buying an additional 1,256,503 shares during the period. Renaissance Technologies LLC purchased a new position in Corbus Pharmaceuticals during the second quarter worth about $842,000. IFP Advisors Inc lifted its position in Corbus Pharmaceuticals by 12.0% during the second quarter. IFP Advisors Inc now owns 1,500,805 shares of the biopharmaceutical company’s stock worth $7,579,000 after buying an additional 160,250 shares during the period. Millennium Management LLC purchased a new position in Corbus Pharmaceuticals during the second quarter worth about $772,000. Finally, GSA Capital Partners LLP purchased a new position in Corbus Pharmaceuticals during the second quarter worth about $704,000. Hedge funds and other institutional investors own 42.69% of the company’s stock.

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Corbus Pharmaceuticals Company Profile

Corbus Pharmaceuticals Holdings, Inc is a phase 3 clinical-stage pharmaceutical company, focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. The Company’s lead product candidate, lenabasum, is a novel, synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation and fibrotic processes.

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Earnings History for Corbus Pharmaceuticals (NASDAQ:CRBP)

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