Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Major Shareholder Cormorant Asset Management, Lp Buys 250,000 Shares

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBPGet Free Report) major shareholder Cormorant Asset Management, Lp acquired 250,000 shares of Corbus Pharmaceuticals stock in a transaction on Thursday, March 7th. The stock was purchased at an average cost of $40.05 per share, with a total value of $10,012,500.00. Following the completion of the transaction, the insider now directly owns 1,725,000 shares in the company, valued at approximately $69,086,250. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Cormorant Asset Management, Lp also recently made the following trade(s):

  • On Friday, February 2nd, Cormorant Asset Management, Lp acquired 750,000 shares of Corbus Pharmaceuticals stock. The stock was purchased at an average cost of $19.00 per share, with a total value of $14,250,000.00.
  • On Friday, January 26th, Cormorant Asset Management, Lp acquired 282,632 shares of Corbus Pharmaceuticals stock. The stock was purchased at an average cost of $32.24 per share, with a total value of $9,112,055.68.

Corbus Pharmaceuticals Trading Down 14.8 %

Shares of CRBP stock traded down $6.65 during trading on Monday, reaching $38.28. 409,968 shares of the company’s stock traded hands, compared to its average volume of 1,117,562. The company has a market capitalization of $370.93 million, a P/E ratio of -3.77 and a beta of 2.43. The firm’s 50-day moving average is $19.55 and its 200 day moving average is $10.62. Corbus Pharmaceuticals Holdings, Inc. has a 1 year low of $2.13 and a 1 year high of $46.19.

Wall Street Analyst Weigh In

CRBP has been the topic of a number of research analyst reports. Oppenheimer boosted their target price on shares of Corbus Pharmaceuticals from $20.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, January 29th. StockNews.com upgraded shares of Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, February 28th. Finally, Jefferies Financial Group upgraded shares of Corbus Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their target price for the company from $4.00 to $46.00 in a research note on Wednesday, March 6th.

Read Our Latest Stock Report on CRBP

Institutional Trading of Corbus Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Two Sigma Investments LP lifted its stake in shares of Corbus Pharmaceuticals by 366.7% during the 4th quarter. Two Sigma Investments LP now owns 570,168 shares of the biopharmaceutical company’s stock valued at $63,000 after buying an additional 448,002 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in Corbus Pharmaceuticals during the 1st quarter worth approximately $99,000. Royal Bank of Canada increased its holdings in Corbus Pharmaceuticals by 1,576.6% during the 4th quarter. Royal Bank of Canada now owns 22,098 shares of the biopharmaceutical company’s stock worth $134,000 after acquiring an additional 20,780 shares during the period. Vident Investment Advisory LLC increased its holdings in Corbus Pharmaceuticals by 66.2% during the 1st quarter. Vident Investment Advisory LLC now owns 255,146 shares of the biopharmaceutical company’s stock worth $135,000 after acquiring an additional 101,659 shares during the period. Finally, State Street Corp increased its holdings in Corbus Pharmaceuticals by 10.7% during the 1st quarter. State Street Corp now owns 395,513 shares of the biopharmaceutical company’s stock worth $210,000 after acquiring an additional 38,304 shares during the period. 16.73% of the stock is currently owned by hedge funds and other institutional investors.

About Corbus Pharmaceuticals

(Get Free Report)

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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