Figma Shares Indicated To Open $105/$110
Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) stock has reached a 52-week low, trading at $9.26, as investors respond to a series of market headwinds. According to InvestingPro data, the stock’s RSI indicates oversold territory, while trading 84% below its 52-week high of $61.90. The biopharmaceutical company, which focuses on the development and commercialization of novel therapeutics to treat inflammatory and fibrotic diseases, has seen its shares tumble over the past year. The 52-week low represents a significant downturn for the company, which has experienced a 1-year change with a decline of -63.36%. Despite these challenges, InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 13.84 and holds more cash than debt on its balance sheet. This sharp decrease reflects broader market trends and investor sentiment, as well as challenges specific to the company’s pipeline and commercial strategies. Discover 10+ additional exclusive insights and detailed financial analysis with InvestingPro’s comprehensive research report.
In other recent news, Corbus Pharmaceuticals reported robust third-quarter results, with an ending cash total of $159 million, expected to sustain operations until the second half of 2027. The company also made significant strides in its clinical trials, initiating a Phase 1 trial for CRB-601 for patients with advanced solid tumors and receiving Fast Track designation from the U.S. Food and Drug Administration for its investigational drug, CRB-701, for the treatment of metastatic cervical cancer.
Piper Sandler initiated coverage on Corbus with an Overweight rating and a price target of $35.00, while Oppenheimer maintained its Outperform rating and $60.00 price target. B.Riley reduced its price target to $40 from $85, maintaining a Buy rating, and Mizuho (NYSE:MFG) Securities also maintained its Outperform rating, with a price target set at $74.00. All these ratings reflect confidence in Corbus’s advanced asset, CRB-701.
In addition, Corbus is developing CRB-913, a potential treatment for obesity, with Phase 1 trials slated to begin in the first quarter of 2025. Anne Altmeyer Ph.D., a board member, initiated a prearranged trading plan for her shares in the company, a standard financial practice for individuals with insider access to potentially market-moving information. These are among the recent developments for the company.
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