Corbus Pharmaceuticals Holdings Inc. Stock Outperforms

Corbus Pharmaceuticals Holdings Inc. shares rallied 1.20% to $1.69 Wednesday. This proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.29% to 34,230.34 and the NASDAQ Composite Index COMP falling 0.37% to 13,582.42. The stock’s rise snapped a three-day losing streak.

Corbus Pharmaceuticals Holdings Inc. closed $8.09 short of its 52-week high ($9.78), which the company reached on August 31st. For the last reported quarter, it was expected that Corbus Pharmaceuticals would post a loss of $0.22 per share when it produced a loss of $0.10, delivering a surprise of +54.55%. This drug developer is expected to post a quarterly loss of $0.15 per share in its upcoming report, which represents a year-over-year change of +65.1%.

Corbus Pharmaceuticals Holdings, Inc. a clinical-stage drug development company pioneering transformative medicines that target the endocannabinoid system, today reported financial results for the fourth quarter and year-end 2020. The Company also provided clinical and pipeline updates. Revenue from awards and licenses was $700,000 for the three months ended December 31, 2020, compared to $2.6 million in the comparable period in 2019. The year ended December 31, 2020, revenue from awards and licenses was $3.9 million, compared to $36.1 million in the comparable period in 2019. Revenue for the year ended December 31, 2019, included a $27 million upfront payment received from Kaken Pharmaceutical Co., Ltd. for a license to commercialize and market lenabasum in Japan.