Short Interest in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Rises By 106.3%

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 2,600,000 shares, a growth of 106.3% from the September 15th total of 1,260,000 shares. Based on an average daily trading volume, of 623,100 shares, the short-interest ratio is currently 4.2 days. Approximately 22.3% of the company’s shares are sold short.

Corbus Pharmaceuticals Stock Performance

Shares of CRBP traded down $0.05 during midday trading on Friday, hitting $18.27. The stock had a trading volume of 235,506 shares, compared to its average volume of 595,223. The company has a 50 day simple moving average of $45.21 and a two-hundred day simple moving average of $45.08. Corbus Pharmaceuticals has a twelve month low of $3.03 and a twelve 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($1.19) by $0.29. Equities analysts expect that Corbus Pharmaceuticals will post -3.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Mizuho reiterated an “outperform” rating and set a $74.00 target price on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. Lifesci Capital upgraded Corbus Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 21st. Oppenheimer upped their price target on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Royal Bank of Canada reissued an “outperform” rating and set a $82.00 price objective on shares of Corbus Pharmaceuticals in a research note on Friday, September 20th. Finally, B. Riley lowered their target price on shares of Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Corbus Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $65.86.

Insider Activity

In other news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were acquired at an average price of $20.01 per share, for a total transaction of $7,003,500.00. Following the completion of the acquisition, the insider now directly owns 2,375,000 shares in the company, valued at approximately $47,523,750. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.00% of the company’s stock.

Institutional Trading of Corbus Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Corbus Pharmaceuticals in the first quarter valued at $976,000. Vanguard Group Inc. raised its holdings in Corbus Pharmaceuticals by 143.7% in the 1st quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after acquiring an additional 257,808 shares in the last quarter. Altitude Crest Partners Inc. acquired a new position in Corbus Pharmaceuticals in the first quarter valued at about $4,069,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Corbus Pharmaceuticals during the 1st quarter worth approximately $7,554,000. Finally, Janus Henderson Group PLC acquired a new stake in shares of Corbus Pharmaceuticals in the 1st quarter valued at $13,363,000. Institutional investors own 64.64% of the company’s stock.

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.