Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Short Interest Update

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Get Free Report) was the recipient of a large decrease in short interest during the month of 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. Approximately 20.2% of the shares of the company are short sold. Based on an average daily trading volume, of 648,200 shares, the short-interest ratio is presently 3.7 days.

Insider Activity

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the company's stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average cost of $20.01 per share, for a total transaction of $7,003,500.00. Following the purchase, the insider now owns 2,375,000 shares of the company's stock, valued at $47,523,750. This represents a 17.28 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.00% of the company's stock.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 257,808 shares during the period. Altitude Crest Partners Inc. bought a new position in shares of Corbus Pharmaceuticals in the first quarter worth approximately $4,069,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Corbus Pharmaceuticals in the first quarter worth $7,554,000. Janus Henderson Group PLC purchased a new position in shares of Corbus Pharmaceuticals in the first quarter worth $13,363,000. Finally, Ikarian Capital LLC raised its holdings in 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 during the last quarter. Institutional investors own 64.64% of the company's stock.

Corbus Pharmaceuticals Trading Down 5.4 %

Shares of Corbus Pharmaceuticals stock traded down $0.94 on Friday, hitting $16.61. 296,296 shares of the company traded hands, compared to its average volume of 570,627. The firm's 50-day simple moving average is $24.63 and its 200 day simple moving average is $41.25. Corbus Pharmaceuticals has a 12-month low of $4.00 and a 12-month high of $61.90. The company has a market cap of $202.31 million, a P/E ratio of -3.54 and a beta of 2.56.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. B. Riley reduced their price target on Corbus Pharmaceuticals from $85.00 to $40.00 and set a "buy" rating for the company in a research report on Friday, September 20th. Mizuho reissued an "outperform" rating and issued a $74.00 price target on shares of Corbus Pharmaceuticals in a report on Friday, September 20th. StockNews.com cut shares of Corbus Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, August 10th. HC Wainwright reiterated a "buy" rating and issued a $80.00 target price on shares of Corbus Pharmaceuticals in a research note on Monday, September 23rd. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $82.00 price target on shares of Corbus Pharmaceuticals in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently 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.