Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Sees Significant Decline in Short Interest

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Get Free Report) was the target of a significant decrease in short interest in the month of January. As of January 15th, there was short interest totalling 2,410,000 shares, a decrease of 9.1% from the December 31st total of 2,650,000 shares. Based on an average trading volume of 324,600 shares, the days-to-cover ratio is currently 7.4 days. Currently, 22.1% of the company's stock are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in Corbus Pharmaceuticals by 27.0% during the 3rd 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 in the last quarter. The Manufacturers Life Insurance Company grew its stake in Corbus Pharmaceuticals by 7.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,731 shares of the biopharmaceutical company's stock worth $469,000 after buying an additional 1,600 shares during the last quarter. FMR LLC increased its holdings 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 worth $207,000 after acquiring an additional 2,486 shares during the period. Vestcor Inc bought a new stake in shares of Corbus Pharmaceuticals during the third quarter valued at approximately $64,000. Finally, Victory Capital Management Inc. boosted its position in Corbus Pharmaceuticals by 29.9% during the 3rd quarter. Victory Capital Management Inc. now owns 24,760 shares of the biopharmaceutical company's stock worth $511,000 after acquiring an additional 5,700 shares during the period. 64.64% of the stock is owned by institutional investors and hedge funds.

Corbus Pharmaceuticals Stock Performance

CRBP traded up $1.57 on Wednesday, hitting $11.22. 228,735 shares of the company were exchanged, compared to its average volume of 200,859. The business's fifty day moving average is $13.06 and its 200 day moving average is $27.97. The firm has a market capitalization of $136.61 million, a P/E ratio of -2.39 and a beta of 2.63. Corbus Pharmaceuticals has a fifty-two week low of $9.11 and a fifty-two week high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last posted its earnings results on Thursday, November 7th. The biopharmaceutical company reported ($1.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.99) by ($0.16). Analysts forecast that Corbus Pharmaceuticals will post -4.23 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on CRBP. Wedbush reissued an "outperform" rating and issued a $51.00 price objective on shares of Corbus Pharmaceuticals in a research report on Monday, November 4th. StockNews.com raised Corbus Pharmaceuticals to a "sell" rating in a report on Monday, January 13th. Finally, Piper Sandler began coverage on shares of Corbus Pharmaceuticals in a report on Monday, December 2nd. They issued an "overweight" rating and a $35.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $62.00.

About Corbus Pharmaceuticals

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.