Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Major Shareholder Cormorant Asset Management, Lp Purchases 350,000 Shares

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) major shareholder Cormorant Asset Management, Lp acquired 350,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was bought at an average price of $20.01 per share, with a total value of $7,003,500.00. Following the purchase, the insider now directly owns 2,375,000 shares of the company’s stock, valued at $47,523,750. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Corbus Pharmaceuticals Stock Up 0.7 %

Shares of NASDAQ:CRBP opened at $21.49 on Friday. Corbus Pharmaceuticals Holdings, Inc. has a fifty-two week low of $3.03 and a fifty-two week high of $61.90. The firm’s 50-day simple moving average is $52.63 and its 200-day simple moving average is $46.59. The company has a market cap of $229.66 million, a price-to-earnings ratio of -3.09 and a beta of 2.56.

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

Institutional Trading of Corbus Pharmaceuticals

A number of institutional investors have recently modified their holdings of CRBP. Rhumbline Advisers acquired a new stake in Corbus Pharmaceuticals in the second quarter valued at $638,000. Acadian Asset Management LLC purchased a new position in shares of Corbus Pharmaceuticals in the 2nd quarter valued at about $716,000. ClariVest Asset Management LLC acquired a new stake in shares of Corbus Pharmaceuticals in the second quarter valued at about $725,000. Victory Capital Management Inc. purchased a new stake in Corbus Pharmaceuticals during the second quarter worth about $862,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Corbus Pharmaceuticals by 100.7% during the second 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 in the last quarter. 64.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRBP has been the subject of a number of research analyst reports. Wedbush decreased their target price on Corbus Pharmaceuticals from $85.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. B. Riley lowered their target price on shares of Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. Oppenheimer upped 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. StockNews.com downgraded shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. Finally, HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Corbus Pharmaceuticals in a research note on Monday. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.