Corbus Pharmaceuticals Holdings Inc Expected to Post FY2023 Earnings of $0.61 Per Share (NASDAQ:CRBP)

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Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) – Equities research analysts at Jefferies Financial Group decreased their FY2023 earnings per share estimates for shares of Corbus Pharmaceuticals in a note issued to investors on Thursday, August 8th. Jefferies Financial Group analyst M. Raycroft now expects that the biopharmaceutical company will earn $0.61 per share for the year, down from their prior estimate of $0.62.

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, topping analysts’ consensus estimates of ($0.22) by $0.25. The business had revenue of $29.10 million during the quarter, compared to the consensus estimate of $10.32 million. Corbus Pharmaceuticals had a negative return on equity of 149.05% and a negative net margin of 164.68%.

Other equities research analysts have also recently issued reports about the stock. BidaskClub cut shares of Corbus Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 23rd. HC Wainwright set a $24.00 price target on shares of Corbus Pharmaceuticals and gave the company a “buy” rating in a report on Monday, June 24th. Zacks Investment Research upgraded shares of Corbus Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $7.00 price target for the company in a report on Tuesday. Royal Bank of Canada restated a “buy” rating and set a $23.00 price target on shares of Corbus Pharmaceuticals in a report on Sunday. Finally, ValuEngine cut shares of Corbus Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $23.50.

Shares of NASDAQ:CRBP opened at $6.10 on Monday. The company has a market capitalization of $386.76 million, a PE ratio of -6.22 and a beta of 1.84. Corbus Pharmaceuticals has a 1 year low of $4.65 and a 1 year high of $9.11. The stock has a fifty day simple moving average of $6.32. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.78 and a quick ratio of 1.78.

In related news, COO Robert Paul Discordia acquired 15,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average price of $5.86 per share, with a total value of $87,900.00. Following the completion of the transaction, the chief operating officer now owns 30,150 shares of the company’s stock, valued at $176,679. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have bought 19,064 shares of company stock valued at $114,021 in the last ninety days. 8.20% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in Corbus Pharmaceuticals by 9.2% during the 4th quarter. Bank of New York Mellon Corp now owns 194,374 shares of the biopharmaceutical company’s stock worth $1,135,000 after purchasing an additional 16,305 shares during the period. Geode Capital Management LLC increased its holdings in Corbus Pharmaceuticals by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 542,722 shares of the biopharmaceutical company’s stock worth $3,169,000 after purchasing an additional 28,582 shares during the period. Barclays PLC increased its holdings in Corbus Pharmaceuticals by 5,967.8% during the 4th quarter. Barclays PLC now owns 9,041 shares of the biopharmaceutical company’s stock worth $52,000 after purchasing an additional 8,892 shares during the period. Bank of America Corp DE boosted its position in shares of Corbus Pharmaceuticals by 6.7% during the 4th quarter. Bank of America Corp DE now owns 37,304 shares of the biopharmaceutical company’s stock worth $218,000 after acquiring an additional 2,335 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its position in shares of Corbus Pharmaceuticals by 357.7% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 16,973 shares of the biopharmaceutical company’s stock worth $99,000 after acquiring an additional 13,265 shares in the last quarter. 36.78% of the stock is owned by institutional investors and hedge funds.

Corbus Pharmaceuticals Company Profile

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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