Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP – Get Free Report) was the recipient of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 464,700 shares, an increase of 1,553.7% from the January 15th total of 28,100 shares. Approximately 4.5% of the company’s stock are short sold. Based on an average daily trading volume, of 734,800 shares, the short-interest ratio is presently 0.6 days.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on CRBP. Oppenheimer upped their price objective on shares of Corbus Pharmaceuticals from $20.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, January 29th. StockNews.com upgraded shares of Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, February 3rd.
Corbus Pharmaceuticals Stock Performance
Insider Transactions at Corbus Pharmaceuticals
In other news, major shareholder Cormorant Asset Management, Lp bought 750,000 shares of the stock in a transaction on Friday, February 2nd. The stock was bought at an average cost of $19.00 per share, for a total transaction of $14,250,000.00. Following the completion of the purchase, the insider now directly owns 1,475,000 shares in the company, valued at $28,025,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 6.80% of the company’s stock.
Institutional Investors Weigh In On Corbus Pharmaceuticals
Several hedge funds have recently added to or reduced their stakes in CRBP. Dimensional Fund Advisors LP acquired a new stake in Corbus Pharmaceuticals during the first quarter worth about $99,000. BlackRock Inc. grew its stake in shares of Corbus Pharmaceuticals by 13.6% during the 2nd quarter. BlackRock Inc. now owns 81,964 shares of the biopharmaceutical company’s stock worth $643,000 after purchasing an additional 9,807 shares during the period. Vident Investment Advisory LLC increased its holdings in shares of Corbus Pharmaceuticals by 66.2% during the 1st quarter. Vident Investment Advisory LLC now owns 255,146 shares of the biopharmaceutical company’s stock valued at $135,000 after purchasing an additional 101,659 shares in the last quarter. State Street Corp lifted its stake in shares of Corbus Pharmaceuticals by 10.7% in the 1st quarter. State Street Corp now owns 395,513 shares of the biopharmaceutical company’s stock valued at $210,000 after purchasing an additional 38,304 shares during the period. Finally, Two Sigma Investments LP boosted its holdings in Corbus Pharmaceuticals by 366.7% during the fourth quarter. Two Sigma Investments LP now owns 570,168 shares of the biopharmaceutical company’s stock worth $63,000 after buying an additional 448,002 shares in the last quarter. 16.73% of the stock is owned by hedge funds and other institutional investors.
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, an endocannabinoid small molecule drug for the treatment of obesity and related metabolic diseases; and lenabasum, an oral molecule that selectively activates cannabinoid receptor type 2 (CB2), which is in Phase II clinical trial or the treatment of inflammation and fibrosis.
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