Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Major Shareholder Purchases $7,003,500.00 in Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) major shareholder Cormorant Asset Management, Lp purchased 350,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was acquired at an average cost of $20.01 per share, for a total transaction of $7,003,500.00. Following the purchase, 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 SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Corbus Pharmaceuticals Trading Up 0.7 %

Shares of NASDAQ CRBP opened at $21.49 on Friday. The stock has a market cap of $229.66 million, a P/E ratio of -3.09 and a beta of 2.56. The business’s fifty day simple moving average is $52.63 and its 200-day simple moving average is $46.59. 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 quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.19) by $0.29. On average, equities analysts forecast that Corbus Pharmaceuticals Holdings, Inc. will post -3.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CRBP has been the topic of a number of recent analyst reports. B. Riley decreased their target price 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. Mizuho reaffirmed an “outperform” rating and set a $74.00 price objective on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 21st. StockNews.com cut Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Finally, Oppenheimer lifted their price objective on Corbus Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. One 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 data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.86.

Institutional Inflows and Outflows

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