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

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) was the target of 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. Based on an average daily volume of 623,100 shares, the short-interest ratio is currently 4.2 days. Currently, 22.3% of the company’s shares are sold short.

Insider Buying and Selling

In related news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was 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 in the company, valued at approximately $47,523,750. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.00% of the stock is currently owned by insiders.

Institutional Trading of Corbus Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in shares of Corbus Pharmaceuticals during the third quarter valued at about $151,000. The Manufacturers Life Insurance Company raised its position in shares of Corbus Pharmaceuticals by 100.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,131 shares of the biopharmaceutical company’s stock worth $956,000 after acquiring an additional 10,604 shares in the last quarter. Rhumbline Advisers purchased a new position in shares of Corbus Pharmaceuticals in the 2nd quarter valued at approximately $638,000. Acadian Asset Management LLC bought a new stake in shares of Corbus Pharmaceuticals during the second quarter valued at approximately $716,000. Finally, ClariVest Asset Management LLC bought a new stake in shares of Corbus Pharmaceuticals during the second quarter valued at approximately $725,000. Institutional investors own 64.64% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on CRBP shares. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Corbus Pharmaceuticals in a research note on Monday, September 23rd. Lifesci Capital upgraded Corbus Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, August 21st. Wedbush reduced their price objective on Corbus Pharmaceuticals from $85.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Royal Bank of Canada reissued an “outperform” rating and issued a $82.00 price target on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. Finally, StockNews.com cut Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. One 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. According to data from MarketBeat, Corbus Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $65.86.

Corbus Pharmaceuticals Trading Down 0.3 %

NASDAQ CRBP traded down $0.05 during trading hours on Friday, reaching $18.27. 235,506 shares of the stock traded hands, compared to its average volume of 595,223. Corbus Pharmaceuticals has a 1 year low of $3.03 and a 1 year high of $61.90. The stock has a 50 day simple moving average of $45.21 and a two-hundred day simple moving average of $45.08.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its earnings results 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. Research analysts forecast that Corbus Pharmaceuticals will post -3.8 EPS for the current fiscal year.

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.