Cormorant Asset Management, Lp Acquires 350,000 Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) major shareholder Cormorant Asset Management, Lp bought 350,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was acquired at an average price of $20.01 per share, for a total transaction of $7,003,500.00. Following the transaction, the insider now owns 2,375,000 shares in the company, valued at $47,523,750. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Corbus Pharmaceuticals Trading Up 16.4 %

CRBP stock opened at $21.35 on Thursday. The firm’s 50-day moving average price is $52.63 and its two-hundred day moving average price is $46.59. The stock has a market capitalization of $257.05 million, a price-to-earnings ratio of -3.07 and a beta of 2.56. Corbus Pharmaceuticals Holdings, Inc. has a 12-month low of $3.03 and a 12-month high of $61.90.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.19) by $0.29. Equities analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -3.77 EPS for the current year.

Institutional Investors Weigh In On Corbus Pharmaceuticals

A number of large investors have recently modified their holdings of CRBP. Bank of New York Mellon Corp bought a new stake in Corbus Pharmaceuticals during the second quarter worth about $1,368,000. Janus Henderson Group PLC bought a new stake in Corbus Pharmaceuticals during the first quarter worth about $13,363,000. Price T Rowe Associates Inc. MD bought a new stake in Corbus Pharmaceuticals during the first quarter worth about $7,554,000. Acadian Asset Management LLC bought a new stake in Corbus Pharmaceuticals during the second quarter worth about $716,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Corbus Pharmaceuticals during the first quarter worth about $976,000. Institutional investors own 64.64% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBP has been the topic of a number of analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $82.00 target price on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Corbus Pharmaceuticals in a research report on Monday. Oppenheimer lifted their target price on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, August 21st. Finally, B. Riley decreased their price objective on shares of Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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.