Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) ends the week stronger.
Market Action
CRBP stock surged over 20% to end the session at $1.67 on Friday. More than 6.50 million shares traded hands. The stock moved within a range of $1.36-$1.75 after opening at $1.36. The stock has lost almost 44% over the past 3-month and up 33.605 year-to-date.
CRBP Releases Q1 Results
CRBP released its financial results for the first quarter of 2021 and provided corporate updates this week. Here are key highlights:
- Revenue from awards and licenses was approximately $648,000 for the three months ended March 31, 2021, compared to approximately $1.8 million in the comparable period in 2020.
- Reported a net loss of approximately $16.1 million, or a net loss per diluted share of $0.14, for the three months ended March 31, 2021, compared to a net loss of approximately $29.7 million, or a net loss per diluted share of $0.43, for the same period in 2020.
- Cash, cash equivalents, and investments were $125 million as of March 31, 2021.
Trader Notes
CRBP is currently right on its 20 day moving average and below both the 50 and 200. The stock is down 4% for the month and 44% for the last 3 months. Potential pivot points to keep an eye on are 1,89 and 2.28 above and 1.25 and 1.11 below.
CRBP stalled at the falling trend line at the top of the channel it is trading in. The stock closed near its highs so there are still buyers around. If CRBP can clear 1.90 that would be a great start to a new rally.
 Gains Momentum. What Now?){kind=link}