Short Interest in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Increases By 106.3%

by · The Markets Daily

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP – Get Free Report) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 2,600,000 shares, a growth of 106.3% from the September 15th total of 1,260,000 shares. Approximately 22.3% of the company’s stock are short sold. Based on an average daily volume of 623,100 shares, the days-to-cover ratio is currently 4.2 days.

Insider Transactions at Corbus Pharmaceuticals

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp acquired 350,000 shares of the company’s 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 completion of the purchase, the insider now owns 2,375,000 shares of the company’s stock, valued at approximately $47,523,750. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several large investors have recently modified their holdings of CRBP. Ikarian Capital LLC increased its position in shares of Corbus Pharmaceuticals by 185.5% during the first quarter. Ikarian Capital LLC now owns 559,271 shares of the biopharmaceutical company’s stock valued at $21,946,000 after buying an additional 363,372 shares during the period. Vanguard Group Inc. lifted its stake 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 bought a new position in Corbus Pharmaceuticals in the 1st quarter valued at $13,363,000. Darwin Global Management Ltd. bought a new position in shares of Corbus Pharmaceuticals in the second quarter worth $14,267,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in shares of Corbus Pharmaceuticals in the first quarter worth $7,554,000. Hedge funds and other institutional investors own 64.64% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CRBP shares. StockNews.com downgraded Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Corbus Pharmaceuticals in a report on Monday, September 23rd. Oppenheimer raised their price target on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Wedbush reduced their price objective on shares of Corbus Pharmaceuticals from $85.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $82.00 target price on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. One 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.86.

Get Our Latest Research Report on Corbus Pharmaceuticals

Corbus Pharmaceuticals Stock Performance

CRBP traded up $0.46 during midday trading on Friday, reaching $18.78. The company had a trading volume of 382,289 shares, compared to its average volume of 595,962. The business has a 50-day moving average price of $43.64 and a two-hundred day moving average price of $44.84. Corbus Pharmaceuticals has a 12-month low of $3.03 and a 12-month high of $61.90. The stock has a market cap of $200.70 million, a PE ratio of -2.70 and a beta of 2.53.

Corbus Pharmaceuticals (NASDAQ:CRBP – Get Free Report) last released its earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.19) by $0.29. On average, research analysts anticipate that Corbus Pharmaceuticals will post -3.8 earnings per share for the current year.

Corbus Pharmaceuticals Company Profile

(Get Free Report)

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.

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