Why Corbus Pharmaceuticals Shares Are Gaining Today

Corbus Pharmaceuticals Holdings, Inc. CRBP shares are trading higher in the premarket session on Wednesday.

The precision oncology company jumped over 35% on the bourses to close at $25.16 on Tuesday.

Yesterday, after the markets closed, the company announced that it plans to offer and sell shares of its common stock or, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock in an underwritten registered public offering.

Corbus intends to use the net proceeds of the proposed underwritten offering to fund the clinical development of its pipeline and for working capital and other general corporate purposes.

On January 26, the company announced that data from the first-in-human clinical study of CRB-701 (SYS6002) is being presented as a poster by the company’s development partner, CSPC Pharmaceutical Group, at the 2024 American Society of Clinical Oncology Genitourinary Cancers Symposium.

Recently, Point72 Capital Advisors, Inc. disclosed an 8.8% passive stake in Corbus Pharmaceuticals.

Earlier this week, Oppenheimer analyst Jeff Jones maintained an Outperform rating on Corbus Pharmaceuticals, raising its price target to $51 from $20.

The street view for the company’s fourth-quarter earnings per share stands at a loss of $(2.50).

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Price Action: CRBP shares are trading higher by 2.34% to $25.75 premarket on the last check Wednesday.

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