The brokerage firm also set lofty price targets on the pair
The shares of Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) are trading up 5.9% at $5.57, after H.C. Wainwright initiated coverage with a "buy" rating and $24 price target -- a more than 356% premium to Monday's close. The analyst in coverage said positive data from lenabasum trials could drive upside in the shares.
Analysts are already bullish on CRBP stock, with 100% of those covering the security calling it a "buy." Plus, the average 12-month price target sits all the way up at $23.43.
Looking at the charts, Corbus Pharmaceuticals stock has been in a channel of lower highs and lows since its early October peak at $8.57. Last week, the shares broke below short-term support at their 120-day moving average, and remain down 21.6% year-to-date. Should the security resume its longer-term downtrend, a re-evaluation from the upbeat analyst bunch could create headwinds for CRBP.
H.C. Wainwright also chimed in on Neurometrix Inc (NASDAQ:NURO), starting coverage with a "buy" rating and $5 price target -- territory the penny stock hasn't explored since April 2017. The brokerage firm said it sees "plenty of room for the stock to appreciate," and said a new generation of its Quell technology could help grow market share.
At last check, NURO stock is 13.5% higher at $0.77, but running into resistance near its 20-day moving average. While this trendline has led the security on its most recent leg lower, the 200-day moving average has helped usher the shares to a 58% year-to-date loss.
