Corbus Pharmaceuticals (NASDAQ:CRBP) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
Several other brokerages also recently issued reports on CRBP. BidaskClub upgraded Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 13th. Cantor Fitzgerald set a $32.00 price target on Corbus Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, May 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Corbus Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $25.33.
CRBP stock opened at $5.00 on Friday. Corbus Pharmaceuticals has a 52 week low of $4.50 and a 52 week high of $9.95.
In related news, Director David P. Hochman purchased 5,000 shares of the stock in a transaction that occurred on Monday, May 14th. The stock was purchased at an average cost of $5.48 per share, for a total transaction of $27,400.00. Following the acquisition, the director now owns 459,500 shares in the company, valued at $2,518,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders purchased 13,311 shares of company stock valued at $75,751. 11.90% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CRBP. Wells Fargo & Company MN increased its holdings in Corbus Pharmaceuticals by 48.2% in the 4th quarter. Wells Fargo & Company MN now owns 78,366 shares of the biopharmaceutical company’s stock valued at $556,000 after purchasing an additional 25,473 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Corbus Pharmaceuticals by 26.3% in the 4th quarter. Bank of New York Mellon Corp now owns 189,578 shares of the biopharmaceutical company’s stock valued at $1,346,000 after buying an additional 39,443 shares during the last quarter. BlackRock Inc. boosted its position in Corbus Pharmaceuticals by 38.4% in the 4th quarter. BlackRock Inc. now owns 3,594,865 shares of the biopharmaceutical company’s stock valued at $25,524,000 after buying an additional 996,767 shares during the last quarter. Geode Capital Management LLC boosted its position in Corbus Pharmaceuticals by 10.2% in the 4th quarter. Geode Capital Management LLC now owns 409,365 shares of the biopharmaceutical company’s stock valued at $2,905,000 after buying an additional 37,994 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in Corbus Pharmaceuticals by 53.0% in the 4th quarter. Deutsche Bank AG now owns 114,842 shares of the biopharmaceutical company’s stock valued at $814,000 after buying an additional 39,770 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.
Corbus Pharmaceuticals Company Profile
Corbus Pharmaceuticals Holdings, Inc, a clinical stage pharmaceutical company, focuses on the development and commercialization of various therapeutic products to treat inflammatory and fibrotic diseases. The company's lead product candidate is lenabasum, a synthetic oral endocannabinoid-mimetic drug that is in Phase III clinical trials for the treatment of systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus diseases.
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