Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Major Shareholder Purchases $7,003,500.00 in Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) major shareholder Cormorant Asset Management, Lp acquired 350,000 shares of the stock in a transaction 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 transaction, the insider now directly owns 2,375,000 shares of the company’s stock, valued at approximately $47,523,750. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Corbus Pharmaceuticals Stock Performance

Shares of CRBP traded down $0.65 on Tuesday, hitting $18.34. 1,371,666 shares of the stock traded hands, compared to its average volume of 579,737. Corbus Pharmaceuticals Holdings, Inc. has a one year low of $3.03 and a one year high of $61.90. The company has a market capitalization of $196.00 million, a PE ratio of -2.73 and a beta of 2.56. The business has a 50 day simple moving average of $54.22 and a 200 day simple moving average of $46.96.

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

Institutional Investors Weigh In On Corbus Pharmaceuticals

Several large investors have recently bought and sold shares of the business. Rhumbline Advisers bought a new position in Corbus Pharmaceuticals during the 2nd quarter valued at about $638,000. Acadian Asset Management LLC bought a new stake in Corbus Pharmaceuticals in the 2nd quarter worth approximately $716,000. ClariVest Asset Management LLC purchased a new stake in Corbus Pharmaceuticals during the 2nd quarter valued at $725,000. Victory Capital Management Inc. bought a new position in shares of Corbus Pharmaceuticals during the 2nd quarter valued at $862,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Corbus Pharmaceuticals by 100.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,131 shares of the biopharmaceutical company’s stock worth $956,000 after buying an additional 10,604 shares during the last quarter. 64.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRBP has been the subject of several research reports. B. Riley decreased their price target 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. Oppenheimer raised their target price on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Corbus Pharmaceuticals in a research report on Monday. Wedbush reduced their price objective on Corbus Pharmaceuticals from $85.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday. Finally, StockNews.com cut Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.86.

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.