Stock News Summary: Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP)

On 08 May 2020, Corbus Pharmaceuticals Holdings, Inc. stock identified change of 100.15% away from 52-week low price and recently located move of -17.58% off 52-week high price. CRBP stock has been recorded 25.05% away from 50 day moving average and 21.53% away from 200 day moving average. Moving closer, we can see that shares have been trading 7.77% off 20-day moving average.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) recently stated financial results for the fourth quarter and year ended December 31, 2019. The Company also provided clinical and corporate updates.

Financial Results for Fourth Quarter and Year-End December 31, 2019

Revenue from awards and licenses was $2.6M for the three months ended December 31, 2019, contrast to $1.9M in the comparable period in 2018. For the year ended December 31, 2019, revenue from awards and licenses was $36.1M, contrast to $4.8M in the comparable year ago period, due mainly to $27M in up-front licensing payment received form Kaken Pharmaceuticals in March 2019.

Operating expenses increased by $10.3M to $29.8M for the three months ended December 31, 2019, contrast to $19.5M for the year ago period. For the year ended December 31, 2019, operating expenses increased by $51.6M to $113.2M, contrast with $61.6M in the previous year. Increased spending was attributable to clinical studies, the costs to manufacture and supply lenabasum for clinical trials, staffing costs, commercialization costs and non-cash stock compensation expense.

The Company stated a net loss of about $26.6M or a net loss per diluted share of $0.41, for the three months ended December 31, 2019, contrast to a net loss of about $17.3M, or a net loss per diluted share of $0.30, for the same period in 2018. For the year ended December 31, 2019, the Company stated a net loss of about $71.5M, or a net loss per diluted share of $1.12, contrast to a net loss of about $55.7M, or a net loss per diluted share of $0.98, for the same period in 2018.

Cash and cash equivalents were $31.7M at December 31, 2019. In February 2020, the company completed a public offering with gross proceeds of $46M and net proceeds of $43M. Cash and cash equivalents of $31.7M at December 31, 2019 together with the $43M net proceeds from the February 2020 offering and the $7.5M remainder of the predictable milestone payments from the $25M Development Award from the Cystic Fibrosis Foundation are predictable to fund operations into the fourth quarter of 2020.

The Healthcare sector company, Corbus Pharmaceuticals Holdings, Inc. noticed change of -1.27% to $6.59 along volume of 839203 shares in recent session compared to an average volume of 1021.52K. CRBP’s shares are at 4.19% for the quarter and driving a -5.12% return over the course of the past year and is now at 20.60% since this point in 2018.There are 78.02M shares outstanding and 68.92M shares are floated in market. Right now the stock beta is 1.4.

 

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