HighVista Strategies LLC Acquires 36,499 Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP)

HighVista Strategies LLC boosted its holdings in shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Free Report) by 94.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 75,292 shares of the biopharmaceutical company's stock after purchasing an additional 36,499 shares during the period. HighVista Strategies LLC owned about 0.62% of Corbus Pharmaceuticals worth $1,553,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in shares of Corbus Pharmaceuticals during the 2nd quarter worth about $1,368,000. Darwin Global Management Ltd. acquired a new stake in shares of Corbus Pharmaceuticals during the second quarter worth approximately $14,267,000. Price T Rowe Associates Inc. MD bought a new position in shares of Corbus Pharmaceuticals in the first quarter valued at approximately $7,554,000. Acadian Asset Management LLC bought a new stake in Corbus Pharmaceuticals during the 2nd quarter worth approximately $716,000. Finally, TD Asset Management Inc increased its holdings in Corbus Pharmaceuticals by 92.5% during the 2nd quarter. TD Asset Management Inc now owns 40,800 shares of the biopharmaceutical company's stock valued at $1,846,000 after purchasing an additional 19,600 shares in the last quarter. 64.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CRBP shares. Wedbush reissued an "outperform" rating and set a $51.00 price objective on shares of Corbus Pharmaceuticals in a report on Monday, November 4th. StockNews.com cut shares of Corbus Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, August 10th. Oppenheimer increased their price objective on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an "outperform" rating in a research report on Wednesday, August 7th. Royal Bank of Canada restated an "outperform" rating and set a $82.00 target price on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. Finally, HC Wainwright reiterated a "buy" rating and issued a $80.00 price target on shares of Corbus Pharmaceuticals in a report on Monday, September 23rd. One equities research 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. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $62.00.

Corbus Pharmaceuticals Stock Down 6.1 %

NASDAQ CRBP traded down $1.09 during trading on Tuesday, reaching $16.75. 303,147 shares of the stock traded hands, compared to its average volume of 554,501. Corbus Pharmaceuticals Holdings, Inc. has a fifty-two week low of $4.94 and a fifty-two week high of $61.90. The firm has a market cap of $204.02 million, a price-to-earnings ratio of -3.80 and a beta of 2.58. The stock's 50-day moving average price is $18.18 and its 200 day moving average price is $39.40.

Insiders Place Their Bets

In other news, major shareholder Cormorant Asset Management, Lp acquired 350,000 shares of the stock in a transaction dated 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 directly owns 2,375,000 shares of the company's stock, valued at approximately $47,523,750. This trade represents a 17.28 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.00% of the company's stock.

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.