Corbus Pharmaceuticals (NASDAQ:CRBP) Upgraded to “Sell” at BidaskClub

BidaskClub upgraded shares of Corbus Pharmaceuticals (NASDAQ:CRBP) from a strong sell rating to a sell rating in a research report sent to investors on Thursday, BidAskClub reports.

CRBP has been the subject of a number of other reports. Royal Bank of Canada reissued a buy rating and set a $23.00 price objective on shares of Corbus Pharmaceuticals in a research note on Sunday, August 11th. ValuEngine cut shares of Corbus Pharmaceuticals from a strong-buy rating to a buy rating in a research note on Friday, August 2nd. Zacks Investment Research raised shares of Corbus Pharmaceuticals from a hold rating to a strong-buy rating and set a $7.00 price objective for the company in a research note on Tuesday, August 13th. Finally, HC Wainwright set a $24.00 price objective on shares of Corbus Pharmaceuticals and gave the stock a buy rating in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $23.50.

Corbus Pharmaceuticals stock traded up $0.10 during mid-day trading on Thursday, reaching $5.74. The company had a trading volume of 560,478 shares, compared to its average volume of 1,116,859. Corbus Pharmaceuticals has a 1 year low of $4.80 and a 1 year high of $9.11. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.56 and a quick ratio of 2.56. The company has a market capitalization of $368.51 million, a P/E ratio of -5.86 and a beta of 1.88. The stock’s 50-day simple moving average is $5.62 and its 200-day simple moving average is $6.65.

Corbus Pharmaceuticals (NASDAQ:CRBP) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.25. Corbus Pharmaceuticals had a negative net margin of 164.68% and a negative return on equity of 139.91%. The company had revenue of $29.10 million during the quarter, compared to analysts’ expectations of $10.32 million. On average, equities analysts forecast that Corbus Pharmaceuticals will post -1.05 EPS for the current fiscal year.

In related news, COO Robert Paul Discordia purchased 15,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were bought at an average price of $5.86 per share, for a total transaction of $87,900.00. Following the acquisition, the chief operating officer now directly owns 30,150 shares in the company, valued at $176,679. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders acquired 19,175 shares of company stock worth $112,241. 8.20% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of CRBP. Price T Rowe Associates Inc. MD lifted its holdings in shares of Corbus Pharmaceuticals by 16.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 95,811 shares of the biopharmaceutical company’s stock worth $664,000 after purchasing an additional 13,828 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Corbus Pharmaceuticals by 7.7% in the 2nd quarter. Vanguard Group Inc. now owns 3,080,166 shares of the biopharmaceutical company’s stock worth $21,346,000 after purchasing an additional 220,625 shares during the last quarter. ETF Managers Group LLC bought a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter worth approximately $48,587,000. BlackRock Inc. lifted its holdings in shares of Corbus Pharmaceuticals by 5.0% in the 2nd quarter. BlackRock Inc. now owns 5,284,629 shares of the biopharmaceutical company’s stock worth $36,623,000 after purchasing an additional 253,676 shares during the last quarter. Finally, Parametric Portfolio Associates LLC bought a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter worth approximately $123,000. Hedge funds and other institutional investors own 50.10% of the company’s stock.

About Corbus Pharmaceuticals

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 drug that is in Phase 3 clinical trial for the treatment of systemic sclerosis and dermatomyositis, and in Phase 2 clinical trial to treat systemic lupus erythematosus and cystic fibrosis.

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