Corbus Pharmaceuticals (CRBP) Stock Price Down 9.8% After Earnings Miss

Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) fell 9.8% during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $6.81 and last traded at $6.88. 1,475,794 shares changed hands during mid-day trading, an increase of 65% from the average session volume of 893,569 shares. The stock had previously closed at $7.62.

The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.04). The business had revenue of $1.09 million for the quarter, compared to the consensus estimate of $1.66 million.

A number of equities research analysts have issued reports on CRBP shares. ValuEngine downgraded shares of Corbus Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, August 22nd. B. Riley started coverage on shares of Corbus Pharmaceuticals in a research report on Wednesday, October 24th. They issued a “buy” rating and a $22.00 target price for the company. BidaskClub downgraded shares of Corbus Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 19th. Finally, Cantor Fitzgerald reiterated a “buy” rating and issued a $36.00 target price on shares of Corbus Pharmaceuticals in a research report on Monday, October 22nd. One equities 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. Corbus Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $27.33.

A number of hedge funds have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. lifted its position in Corbus Pharmaceuticals by 52.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 35,884 shares of the biopharmaceutical company’s stock worth $271,000 after buying an additional 12,380 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in Corbus Pharmaceuticals by 13.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 109,573 shares of the biopharmaceutical company’s stock worth $554,000 after buying an additional 12,700 shares in the last quarter. Alps Advisors Inc. lifted its position in Corbus Pharmaceuticals by 22.1% in the 3rd quarter. Alps Advisors Inc. now owns 101,232 shares of the biopharmaceutical company’s stock worth $764,000 after buying an additional 18,305 shares in the last quarter. Allianz Asset Management GmbH increased its stake in shares of Corbus Pharmaceuticals by 15.8% during the 1st quarter. Allianz Asset Management GmbH now owns 137,624 shares of the biopharmaceutical company’s stock worth $840,000 after purchasing an additional 18,778 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Corbus Pharmaceuticals by 61.5% during the 3rd quarter. Alliancebernstein L.P. now owns 55,400 shares of the biopharmaceutical company’s stock worth $418,000 after purchasing an additional 21,100 shares during the last quarter. Institutional investors own 42.69% of the company’s stock.

The company has a market capitalization of $417.60 million, a P/E ratio of -10.58 and a beta of 2.16.

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Corbus Pharmaceuticals Company Profile (NASDAQ:CRBP)

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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