Short Interest in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Expands By 17.8%

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 475,600 shares, an increase of 17.8% from the March 15th total of 403,800 shares. Based on an average daily trading volume, of 912,800 shares, the days-to-cover ratio is currently 0.5 days. Approximately 4.6% of the shares of the stock are sold short.

Corbus Pharmaceuticals Trading Up 4.6 %

Shares of NASDAQ CRBP opened at $42.72 on Tuesday. The firm’s 50-day moving average price is $34.07 and its 200-day moving average price is $16.66. Corbus Pharmaceuticals has a 1-year low of $3.03 and a 1-year high of $49.87. The firm has a market capitalization of $448.86 million, a P/E ratio of -4.12 and a beta of 2.46.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings data on Tuesday, March 12th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, beating the consensus estimate of ($2.36) by $0.55. Equities research analysts forecast that Corbus Pharmaceuticals will post -5.21 EPS for the current year.

Insiders Place Their Bets

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp purchased 250,000 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were bought at an average price of $40.05 per share, for a total transaction of $10,012,500.00. Following the completion of the acquisition, the insider now owns 1,725,000 shares in the company, valued at $69,086,250. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have purchased 1,282,632 shares of company stock valued at $33,374,556. 6.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several institutional investors have recently made changes to their positions in CRBP. Two Sigma Investments LP raised its holdings in shares of Corbus Pharmaceuticals by 366.7% during the fourth quarter. Two Sigma Investments LP now owns 570,168 shares of the biopharmaceutical company’s stock valued at $63,000 after purchasing an additional 448,002 shares during the period. Dimensional Fund Advisors LP bought a new stake in shares of Corbus Pharmaceuticals during the first quarter worth about $99,000. Royal Bank of Canada increased its position in shares of Corbus Pharmaceuticals by 1,576.6% during the fourth quarter. Royal Bank of Canada now owns 22,098 shares of the biopharmaceutical company’s stock worth $134,000 after acquiring an additional 20,780 shares in the last quarter. Vident Investment Advisory LLC increased its position in shares of Corbus Pharmaceuticals by 66.2% during the first quarter. Vident Investment Advisory LLC now owns 255,146 shares of the biopharmaceutical company’s stock worth $135,000 after acquiring an additional 101,659 shares in the last quarter. Finally, State Street Corp increased its position in shares of Corbus Pharmaceuticals by 10.7% during the first quarter. State Street Corp now owns 395,513 shares of the biopharmaceutical company’s stock worth $210,000 after acquiring an additional 38,304 shares in the last quarter. Institutional investors and hedge funds own 64.64% of the company’s stock.

Analysts Set New Price Targets

CRBP has been the topic of a number of recent research reports. Jefferies Financial Group upgraded shares of Corbus Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their price target for the stock from $4.00 to $46.00 in a report on Wednesday, March 6th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corbus Pharmaceuticals in a report on Wednesday, March 13th. Finally, StockNews.com upgraded shares of Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th.

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, an endocannabinoid small molecule drug for the treatment of obesity and related metabolic diseases; and lenabasum, an oral molecule that selectively activates cannabinoid receptor type 2 (CB2), which is in Phase II clinical trial or the treatment of inflammation and fibrosis.