Cormorant Asset Management, Lp Acquires 350,000 Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were 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 owns 2,375,000 shares in the company, valued at $47,523,750. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Corbus Pharmaceuticals Price Performance

Shares of NASDAQ:CRBP opened at $21.35 on Thursday. The firm has a fifty day moving average price of $52.63 and a two-hundred day moving average price of $46.59. 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 cap of $257.05 million, a price-to-earnings ratio of -3.07 and a beta of 2.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating the consensus estimate of ($1.19) by $0.29. Equities research analysts expect that Corbus Pharmaceuticals Holdings, Inc. will post -3.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CRBP shares. Wedbush decreased their price target on shares of Corbus Pharmaceuticals from $85.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. StockNews.com lowered shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. 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, September 20th. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Corbus Pharmaceuticals in a research note on Monday. Finally, Lifesci Capital raised shares of Corbus Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 21st. One investment 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’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $65.86.

Institutional Trading of Corbus Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Ikarian Capital LLC raised its position in shares of Corbus Pharmaceuticals by 185.5% during the 1st 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 in the last quarter. Vanguard Group Inc. raised its position in shares of Corbus Pharmaceuticals by 143.7% during the 1st quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after buying an additional 257,808 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Corbus Pharmaceuticals during the 1st quarter valued at $13,363,000. Darwin Global Management Ltd. purchased a new stake in shares of Corbus Pharmaceuticals during the 2nd quarter valued at $14,267,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in shares of Corbus Pharmaceuticals during the 1st quarter valued at $7,554,000. Hedge funds and other institutional investors own 64.64% of the company’s stock.

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.