Short Interest in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Rises By 5.8%

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) saw a significant growth in short interest in October. As of October 15th, there was short interest totalling 2,750,000 shares, a growth of 5.8% from the September 30th total of 2,600,000 shares. Based on an average daily volume of 638,700 shares, the short-interest ratio is presently 4.3 days. Currently, 23.6% of the shares of the company are short sold.

Corbus Pharmaceuticals Trading Up 6.0 %

CRBP stock opened at $16.92 on Friday. The stock has a market cap of $203.78 million, a PE ratio of -2.91 and a beta of 2.53. Corbus Pharmaceuticals has a 12 month low of $3.03 and a 12 month high of $61.90. The company has a 50-day moving average price of $32.28 and a 200 day moving average price of $42.54.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating analysts’ consensus estimates of ($1.19) by $0.29. Sell-side analysts forecast that Corbus Pharmaceuticals will post -3.8 EPS for the current year.

Insider Activity at Corbus Pharmaceuticals

In other news, major shareholder Cormorant Asset Management, Lp bought 350,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were bought at an average price of $20.01 per share, for a total transaction of $7,003,500.00. Following the purchase, the insider now owns 2,375,000 shares in the company, valued at approximately $47,523,750. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.00% of the stock is owned by company insiders.

Institutional Trading of Corbus Pharmaceuticals

A number of large investors have recently made changes to their positions in CRBP. Mirae Asset Global Investments Co. Ltd. purchased a new position in Corbus Pharmaceuticals in the 1st quarter worth about $976,000. Vanguard Group Inc. raised its stake in shares of Corbus Pharmaceuticals by 143.7% during the first quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after acquiring an additional 257,808 shares in the last quarter. Altitude Crest Partners Inc. purchased a new stake in shares of Corbus Pharmaceuticals in the first quarter valued at approximately $4,069,000. Price T Rowe Associates Inc. MD bought a new position in Corbus Pharmaceuticals in the first quarter worth approximately $7,554,000. Finally, Janus Henderson Group PLC purchased a new position in Corbus Pharmaceuticals during the 1st quarter worth $13,363,000. 64.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CRBP shares. HC Wainwright restated a “buy” rating and issued a $80.00 price target on shares of Corbus Pharmaceuticals in a research note on Monday, September 23rd. StockNews.com cut shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $82.00 price objective on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. Oppenheimer boosted their target price on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, B. Riley lowered their price target on shares of Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating for the company in a report on Friday, September 20th. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Corbus Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.86.

About Corbus Pharmaceuticals

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.