Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Sees Large Growth in Short Interest

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) was the recipient of a significant growth in short interest in December. As of December 15th, there was short interest totalling 2,650,000 shares, a growth of 5.6% from the November 30th total of 2,510,000 shares. Approximately 24.3% of the company’s stock are short sold. Based on an average daily volume of 448,900 shares, the short-interest ratio is currently 5.9 days.

Institutional Investors Weigh In On Corbus Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in CRBP. JPMorgan Chase & Co. raised its position in shares of Corbus Pharmaceuticals by 27.0% in the third quarter. JPMorgan Chase & Co. now owns 5,507 shares of the biopharmaceutical company’s stock valued at $114,000 after purchasing an additional 1,172 shares during the period. The Manufacturers Life Insurance Company grew its stake in Corbus Pharmaceuticals by 7.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,731 shares of the biopharmaceutical company’s stock valued at $469,000 after buying an additional 1,600 shares during the last quarter. FMR LLC raised its holdings in Corbus Pharmaceuticals by 33.0% in the 3rd quarter. FMR LLC now owns 10,028 shares of the biopharmaceutical company’s stock worth $207,000 after acquiring an additional 2,486 shares during the period. Vestcor Inc acquired a new position in Corbus Pharmaceuticals during the 3rd quarter worth $64,000. Finally, Victory Capital Management Inc. boosted its holdings in Corbus Pharmaceuticals by 29.9% during the third quarter. Victory Capital Management Inc. now owns 24,760 shares of the biopharmaceutical company’s stock valued at $511,000 after acquiring an additional 5,700 shares during the period. Institutional investors own 64.64% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on CRBP. Piper Sandler assumed coverage on shares of Corbus Pharmaceuticals in a research report on Monday, December 2nd. They issued an “overweight” rating and a $35.00 target price for the company. B. Riley cut their price objective on Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating for the company in a report on Friday, September 20th. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Corbus Pharmaceuticals in a research report on Monday, September 23rd. Wedbush reaffirmed an “outperform” rating and issued a $51.00 target price on shares of Corbus Pharmaceuticals in a research report on Monday, November 4th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $82.00 price target on shares of Corbus Pharmaceuticals in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $62.00.

Corbus Pharmaceuticals Price Performance

Shares of NASDAQ:CRBP opened at $12.04 on Friday. The stock has a market capitalization of $146.64 million, a P/E ratio of -2.57 and a beta of 2.58. The business has a 50-day moving average of $15.87 and a two-hundred day moving average of $34.39. Corbus Pharmaceuticals has a fifty-two week low of $5.67 and a fifty-two week high of $61.90.

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.