Cantor Fitzgerald reaffirmed their buy rating on shares of Corbus Pharmaceuticals (NASDAQ:CRBP) in a research report sent to investors on Tuesday. They currently have a $38.00 price target on the biopharmaceutical company’s stock. Cantor Fitzgerald also issued estimates for Corbus Pharmaceuticals’ FY2019 earnings at ($1.13) EPS.
“: We reiterate our Overweight rating and $38 PT on Corbus following earnings reported as of 12/31/2018. Corbus has four programs (two in Phase 3) in development, with topline data readouts for systemic sclerosis (SSc; last patient could be enrolled in May, with NDA submission in late-2020) and cystic fibrosis potentially available in 2020. Throughout 2019, we expect the company could report longer-term data and make further announcements regarding future commercialization plans.”,” Cantor Fitzgerald’s analyst wrote.
CRBP has been the topic of several other research reports. ValuEngine downgraded shares of Corbus Pharmaceuticals from a strong-buy rating to a buy rating in a research report on Thursday, February 28th. HC Wainwright reissued a buy rating and set a $24.00 target price on shares of Corbus Pharmaceuticals in a research report on Friday, January 4th. BidaskClub downgraded shares of Corbus Pharmaceuticals from a hold rating to a sell rating in a research report on Tuesday, March 5th. Finally, Royal Bank of Canada initiated coverage on shares of Corbus Pharmaceuticals in a research report on Friday, December 7th. They set an outperform rating and a $23.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Corbus Pharmaceuticals presently has an average rating of Buy and a consensus price target of $22.90.
Corbus Pharmaceuticals (NASDAQ:CRBP) last released its earnings results on Tuesday, March 12th. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.07). The company had revenue of $1.93 million for the quarter, compared to analysts’ expectations of $1.99 million. Corbus Pharmaceuticals had a negative return on equity of 101.91% and a negative net margin of 1,154.52%. As a group, equities analysts expect that Corbus Pharmaceuticals will post -0.91 earnings per share for the current year.
In other Corbus Pharmaceuticals news, insider Barbara White acquired 4,638 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were acquired at an average cost of $6.47 per share, with a total value of $30,007.86. Following the acquisition, the insider now directly owns 184,159 shares of the company’s stock, valued at $1,191,508.73. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders bought a total of 7,668 shares of company stock worth $49,943 over the last ninety days. Insiders own 12.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of Corbus Pharmaceuticals by 31.7% in the 3rd quarter. BlackRock Inc. now owns 5,220,146 shares of the biopharmaceutical company’s stock valued at $39,412,000 after acquiring an additional 1,256,503 shares during the last quarter. ETF Managers Group LLC purchased a new stake in shares of Corbus Pharmaceuticals in the 4th quarter valued at $23,276,000. Vanguard Group Inc boosted its holdings in shares of Corbus Pharmaceuticals by 0.5% in the 3rd quarter. Vanguard Group Inc now owns 2,390,014 shares of the biopharmaceutical company’s stock valued at $18,045,000 after acquiring an additional 11,609 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Corbus Pharmaceuticals by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,390,014 shares of the biopharmaceutical company’s stock valued at $18,045,000 after acquiring an additional 11,609 shares during the last quarter. Finally, IFP Advisors Inc boosted its holdings in shares of Corbus Pharmaceuticals by 6.8% in the 4th quarter. IFP Advisors Inc now owns 1,608,569 shares of the biopharmaceutical company’s stock valued at $9,458,000 after acquiring an additional 102,323 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.
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-mimetic drug to resolve chronic inflammation and fibrotic processes in systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus diseases.
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