Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Sees Significant Increase in Short Interest

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 2,750,000 shares, an increase of 5.8% from the September 30th total of 2,600,000 shares. Currently, 23.6% of the company’s shares are short sold. Based on an average daily volume of 638,700 shares, the short-interest ratio is presently 4.3 days.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. B. Riley lowered their target price on Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, September 20th. StockNews.com lowered shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Oppenheimer lifted their price target on shares of Corbus Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Wedbush dropped their price objective on shares of Corbus Pharmaceuticals from $85.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Finally, Mizuho reiterated an “outperform” rating and set a $74.00 target price on shares of Corbus Pharmaceuticals in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.86.

Insider Buying and Selling

In other news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of Corbus Pharmaceuticals stock in a transaction dated Friday, September 20th. The shares were purchased at an average price of $20.01 per share, with a total value of $7,003,500.00. Following the transaction, the insider now owns 2,375,000 shares in the company, valued at $47,523,750. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corbus Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of CRBP. SG Americas Securities LLC acquired a new position in shares of Corbus Pharmaceuticals during the 3rd quarter worth approximately $151,000. Rhumbline Advisers purchased a new stake in shares of Corbus Pharmaceuticals in the second quarter valued at $638,000. Acadian Asset Management LLC acquired a new stake in shares of Corbus Pharmaceuticals during the second quarter valued at $716,000. ClariVest Asset Management LLC purchased a new stake in Corbus Pharmaceuticals during the 2nd quarter worth about $725,000. Finally, Victory Capital Management Inc. acquired a new position in Corbus Pharmaceuticals in the 2nd quarter valued at about $862,000. Institutional investors and hedge funds own 64.64% of the company’s stock.

Corbus Pharmaceuticals Stock Up 4.2 %

Shares of NASDAQ:CRBP traded up $0.67 during midday trading on Friday, hitting $16.63. The stock had a trading volume of 51,528 shares, compared to its average volume of 577,765. Corbus Pharmaceuticals has a 1 year low of $3.03 and a 1 year high of $61.90. The stock has a 50 day moving average price of $33.13 and a two-hundred day moving average price of $42.72.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating analysts’ consensus estimates of ($1.19) by $0.29. As a group, equities research analysts predict that Corbus Pharmaceuticals will post -3.8 earnings per share for the current year.

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.