Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its stake in shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) by 7.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,731 shares of the biopharmaceutical company’s stock after acquiring an additional 1,600 shares during the period. The Manufacturers Life Insurance Company owned about 0.19% of Corbus Pharmaceuticals worth $469,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CRBP. Charles Schwab Investment Management Inc. boosted its holdings in shares of Corbus Pharmaceuticals by 224.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 93,643 shares of the biopharmaceutical company’s stock valued at $1,932,000 after buying an additional 64,800 shares during the period. HealthInvest Partners AB boosted its holdings in shares of Corbus Pharmaceuticals by 77.9% in the 3rd quarter. HealthInvest Partners AB now owns 69,573 shares of the biopharmaceutical company’s stock valued at $1,435,000 after buying an additional 30,473 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Corbus Pharmaceuticals by 29.9% in the 3rd quarter. Victory Capital Management Inc. now owns 24,760 shares of the biopharmaceutical company’s stock valued at $511,000 after buying an additional 5,700 shares during the period. abrdn plc boosted its holdings in shares of Corbus Pharmaceuticals by 422.9% in the 3rd quarter. abrdn plc now owns 26,894 shares of the biopharmaceutical company’s stock valued at $555,000 after buying an additional 21,751 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Corbus Pharmaceuticals in the 3rd quarter valued at about $151,000. 64.64% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Cormorant Asset Management, Lp acquired 350,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were purchased at an average cost of $20.01 per share, with a total value of $7,003,500.00. Following the completion of the transaction, the insider now owns 2,375,000 shares of the company’s stock, valued at approximately $47,523,750. This trade represents a 17.28 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 4.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Mizuho reissued an “outperform” rating and set a $74.00 target price on shares of Corbus Pharmaceuticals in a research note on Friday, September 20th. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Corbus Pharmaceuticals in a research note on Monday, September 23rd. Piper Sandler assumed coverage on shares of Corbus Pharmaceuticals in a research note on Monday, December 2nd. They set an “overweight” rating and a $35.00 target price for the company. B. Riley reduced their target price on shares of Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Finally, Wedbush reissued an “outperform” rating and set a $51.00 target price on shares of Corbus Pharmaceuticals in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Corbus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Corbus Pharmaceuticals Price Performance

CRBP stock opened at $15.08 on Monday. Corbus Pharmaceuticals Holdings, Inc. has a 52-week low of $5.09 and a 52-week high of $61.90. The company’s 50 day simple moving average is $17.37 and its 200-day simple moving average is $37.61. The firm has a market capitalization of $183.67 million, a P/E ratio of -3.22 and a beta of 2.57.

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.