Point72 Asset Management L.P. Reduces Stock Holdings in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP)

Point72 Asset Management L.P. lessened its holdings in shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) by 69.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 216,515 shares of the biopharmaceutical company’s stock after selling 485,082 shares during the period. Point72 Asset Management L.P. owned approximately 2.03% of Corbus Pharmaceuticals worth $9,797,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Ikarian Capital LLC grew its position in Corbus Pharmaceuticals by 185.5% during the 1st quarter. Ikarian Capital LLC now owns 559,271 shares of the biopharmaceutical company’s stock worth $21,946,000 after purchasing an additional 363,372 shares during the period. Vanguard Group Inc. boosted its position in Corbus Pharmaceuticals by 143.7% in the 1st quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock worth $17,158,000 after purchasing an additional 257,808 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Corbus Pharmaceuticals during the 1st quarter worth approximately $13,363,000. Darwin Global Management Ltd. purchased a new position in shares of Corbus Pharmaceuticals during the 2nd quarter valued at approximately $14,267,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in shares of Corbus Pharmaceuticals in the 1st quarter valued at $7,554,000. Hedge funds and other institutional investors own 64.64% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on CRBP shares. StockNews.com lowered shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. B. Riley reduced their price target on Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating for the company in a report on Friday, September 20th. Royal Bank of Canada reissued an “outperform” rating and issued a $82.00 price objective on shares of Corbus Pharmaceuticals in a report on Friday, September 20th. Lifesci Capital raised Corbus Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, August 21st. Finally, Mizuho reiterated an “outperform” rating and set a $74.00 target price on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Corbus Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $65.86.

Insider Transactions at Corbus Pharmaceuticals

In related news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was purchased at an average price of $20.01 per share, with a total value of $7,003,500.00. Following the completion of the acquisition, the insider now owns 2,375,000 shares in the company, valued at $47,523,750. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.00% of the company’s stock.

Corbus Pharmaceuticals Stock Performance

NASDAQ CRBP opened at $20.63 on Tuesday. Corbus Pharmaceuticals Holdings, Inc. has a one year low of $3.03 and a one year high of $61.90. The business has a fifty day moving average price of $51.26 and a 200 day moving average price of $46.31. The company has a market cap of $220.47 million, a P/E ratio of -2.96 and a beta of 2.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.29. As a group, sell-side analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -3.77 EPS for the current fiscal year.

Corbus Pharmaceuticals Company Profile

Corbus Pharmaceuticals Holdings, Inc, a biopharmaceutical company, develops products to defeat serious illness. It develops CRB-701, an antibody drug conjugate (ADC) that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload of monomethyl auristatin E (MMAE), which is in Phase I clinical trial; CRB-601, an anti-integrin monoclonal antibody that blocks the activation of TGFß expressed on cancer cells for the treatment of solid tumors; CRB-913, a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist for the treatment of obesity.