Cormorant Asset Management, Lp Sells 30,029 Shares of Corbus Pharmaceuticals (NASDAQ:CRBP) Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) major shareholder Cormorant Asset Management, Lp sold 30,029 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $11.46, for a total value of $344,132.34. Following the sale, the insider owned 2,344,971 shares of the company’s stock, valued at approximately $26,873,367.66. The trade was a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Corbus Pharmaceuticals Stock Down 8.6%

CRBP stock opened at $8.66 on Wednesday. Corbus Pharmaceuticals Holdings, Inc. has a 52 week low of $4.64 and a 52 week high of $20.56. The business has a 50-day simple moving average of $12.99 and a 200 day simple moving average of $10.72. The company has a market cap of $151.98 million, a PE ratio of -1.57 and a beta of 2.71.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its earnings results on Wednesday, November 12th. The biopharmaceutical company reported ($1.90) EPS for the quarter, missing the consensus estimate of ($1.80) by ($0.10). On average, analysts anticipate that Corbus Pharmaceuticals Holdings, Inc. will post -4.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Corbus Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Velan Capital Investment Management LP increased its holdings in Corbus Pharmaceuticals by 3.4% in the 3rd quarter. Velan Capital Investment Management LP now owns 61,000 shares of the biopharmaceutical company’s stock worth $772,000 after purchasing an additional 2,000 shares in the last quarter. Mariner LLC grew its holdings in shares of Corbus Pharmaceuticals by 34.0% during the third quarter. Mariner LLC now owns 20,840 shares of the biopharmaceutical company’s stock worth $264,000 after purchasing an additional 5,289 shares during the last quarter. HighVista Strategies LLC increased its stake in shares of Corbus Pharmaceuticals by 56.8% in the third quarter. HighVista Strategies LLC now owns 118,027 shares of the biopharmaceutical company’s stock valued at $1,493,000 after buying an additional 42,735 shares during the period. Ameriprise Financial Inc. bought a new position in Corbus Pharmaceuticals in the 3rd quarter valued at approximately $881,000. Finally, ADAR1 Capital Management LLC acquired a new stake in Corbus Pharmaceuticals during the 3rd quarter worth approximately $129,000. Institutional investors own 64.64% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on CRBP shares. Royal Bank Of Canada lowered their price objective on shares of Corbus Pharmaceuticals from $55.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, November 13th. Piper Sandler reiterated an “overweight” rating and issued a $51.00 price target on shares of Corbus Pharmaceuticals in a research note on Monday, October 20th. Mizuho set a $39.00 price target on Corbus Pharmaceuticals in a report on Wednesday, October 29th. HC Wainwright reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Corbus Pharmaceuticals in a research note on Monday, October 20th. Finally, Wedbush boosted their target price on Corbus Pharmaceuticals from $31.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.38.

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.