Vestcor Inc Purchases New Holdings in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP)

Vestcor Inc acquired a new position in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,100 shares of the biopharmaceutical company’s stock, valued at approximately $64,000.

Several other large investors have also modified their holdings of the business. Y Intercept Hong Kong Ltd bought a new stake in shares of Corbus Pharmaceuticals during the 3rd quarter worth approximately $379,000. Wellington Management Group LLP bought a new stake in shares of Corbus Pharmaceuticals during the third quarter worth $491,000. Wexford Capital LP boosted its stake in shares of Corbus Pharmaceuticals by 55.3% during the third quarter. Wexford Capital LP now owns 68,556 shares of the biopharmaceutical company’s stock valued at $1,414,000 after purchasing an additional 24,400 shares during the period. State Street Corp grew its holdings in shares of Corbus Pharmaceuticals by 34.6% in the third quarter. State Street Corp now owns 595,576 shares of the biopharmaceutical company’s stock worth $12,287,000 after purchasing an additional 153,243 shares during the last quarter. Finally, HighVista Strategies LLC increased its stake in Corbus Pharmaceuticals by 94.1% in the 3rd quarter. HighVista Strategies LLC now owns 75,292 shares of the biopharmaceutical company’s stock worth $1,553,000 after buying an additional 36,499 shares during the period. Hedge funds and other institutional investors own 64.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, August 21st. B. Riley dropped their price objective on Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Wedbush reaffirmed an “outperform” rating and set a $51.00 target price on shares of Corbus Pharmaceuticals in a research report on Monday, November 4th. Piper Sandler started coverage on Corbus Pharmaceuticals in a research report on Monday, December 2nd. They set an “overweight” rating and a $35.00 price target on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $82.00 price objective on shares of Corbus Pharmaceuticals in a report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Corbus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

Corbus Pharmaceuticals Stock Performance

NASDAQ:CRBP opened at $15.08 on Friday. The stock has a market capitalization of $183.67 million, a P/E ratio of -3.23 and a beta of 2.57. The company’s 50-day simple moving average is $17.45 and its 200-day simple moving average is $37.85. Corbus Pharmaceuticals Holdings, Inc. has a fifty-two week low of $5.09 and a fifty-two week high of $61.90.

Insider Transactions at Corbus Pharmaceuticals

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the stock in a transaction on Friday, September 20th. The stock was acquired at an average price of $20.01 per share, with a total value of $7,003,500.00. Following the completion of the acquisition, the insider now owns 2,375,000 shares in the company, valued at $47,523,750. The trade was a 17.28 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 4.00% of the company’s stock.

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.