Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Short Interest Down 13.5% in October

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBPGet Free Report) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 2,380,000 shares, a decrease of 13.5% from the October 15th total of 2,750,000 shares. Based on an average daily trading volume, of 648,200 shares, the short-interest ratio is presently 3.7 days. Approximately 20.2% of the shares of the stock are sold short.

Insiders Place Their Bets

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was acquired at an average cost of $20.01 per share, for a total transaction 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. This trade represents a 17.28 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Vestcor Inc purchased a new stake in Corbus Pharmaceuticals during the 3rd quarter worth about $64,000. MetLife Investment Management LLC purchased a new stake in Corbus Pharmaceuticals in the 3rd quarter valued at $123,000. SG Americas Securities LLC acquired a new stake in shares of Corbus Pharmaceuticals during the third quarter worth about $151,000. FMR LLC grew its stake in shares of Corbus Pharmaceuticals by 33.0% in the 3rd quarter. FMR LLC now owns 10,028 shares of the biopharmaceutical company’s stock valued at $207,000 after purchasing an additional 2,486 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Corbus Pharmaceuticals in the 3rd quarter valued at $379,000. 64.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Lifesci Capital raised Corbus Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, August 21st. Mizuho restated an “outperform” rating and issued a $74.00 target price on shares of Corbus Pharmaceuticals in a report on Friday, September 20th. Royal Bank of Canada reiterated an “outperform” rating and issued a $82.00 target price on shares of Corbus Pharmaceuticals in a report on Friday, September 20th. StockNews.com downgraded 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 price target on shares of Corbus Pharmaceuticals in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Corbus Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $65.86.

Check Out Our Latest Report on Corbus Pharmaceuticals

Corbus Pharmaceuticals Stock Down 5.4 %

NASDAQ:CRBP traded down $0.94 on Friday, hitting $16.61. The stock had a trading volume of 296,296 shares, compared to its average volume of 570,627. Corbus Pharmaceuticals has a 1-year low of $4.00 and a 1-year high of $61.90. The stock has a market cap of $202.31 million, a price-to-earnings ratio of -3.54 and a beta of 2.56. The company has a fifty day moving average price of $24.63 and a two-hundred day moving average price of $41.25.

About Corbus Pharmaceuticals

(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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