Corbus Pharmaceuticals (NASDAQ:CRBP) Major Shareholder Sells $1,742,500.00 in Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) major shareholder Cormorant Asset Management, Lp sold 425,000 shares of the firm’s stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $4.10, for a total transaction of $1,742,500.00. Following the sale, the insider directly owned 1,919,971 shares of the company’s stock, valued at approximately $7,871,881.10. The trade was a 18.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Corbus Pharmaceuticals Price Performance

Corbus Pharmaceuticals stock traded down $0.31 during midday trading on Monday, hitting $3.91. 673,093 shares of the stock were exchanged, compared to its average volume of 515,310. Corbus Pharmaceuticals Holdings, Inc. has a 1 year low of $3.87 and a 1 year high of $12.88. The firm has a market cap of $73.00 million, a P/E ratio of -0.63 and a beta of 2.63. The company has a 50 day moving average price of $7.17 and a two-hundred day moving average price of $8.60.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.26) by ($0.55). As a group, analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -5.62 EPS for the current year.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in shares of Corbus Pharmaceuticals by 53,592.3% in the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock valued at $131,000 after purchasing an additional 13,934 shares in the last quarter. Pale Fire Capital SE grew its stake in Corbus Pharmaceuticals by 14.5% in the first quarter. Pale Fire Capital SE now owns 21,350 shares of the biopharmaceutical company’s stock worth $200,000 after purchasing an additional 2,700 shares in the last quarter. Engineers Gate Manager LP increased its holdings in Corbus Pharmaceuticals by 109.9% in the second quarter. Engineers Gate Manager LP now owns 29,800 shares of the biopharmaceutical company’s stock valued at $280,000 after buying an additional 15,600 shares during the last quarter. Royal Bank of Canada increased its holdings in Corbus Pharmaceuticals by 81.2% in the first quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company’s stock valued at $281,000 after buying an additional 13,401 shares during the last quarter. Finally, Rangeley Capital LLC bought a new stake in Corbus Pharmaceuticals in the first quarter valued at about $421,000. Institutional investors own 64.64% of the company’s stock.

Wall Street Analyst Weigh In

CRBP has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research note on Thursday, October 15th. Mizuho set a $33.00 price objective on Corbus Pharmaceuticals in a report on Thursday, August 13th. Oppenheimer cut their target price on Corbus Pharmaceuticals from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Wall Street Zen cut Corbus Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, HC Wainwright reissued a “buy” rating and set a $35.00 price target on shares of Corbus Pharmaceuticals in a research report on Monday, September 14th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $39.57.

Corbus Pharmaceuticals Company Profile

Corbus Pharmaceuticals Holdings, Inc is a biopharmaceutical company focused on developing medicines for serious diseases in oncology and immunology. The company’s research is centered on therapies designed to modulate immune-cell activity and target biological pathways involved in cancer and inflammatory disease.

Corbus’ oncology pipeline has included soquelitinib, formerly known as CPI-818, an oral, selective inhibitor of interleukin-2-inducible T-cell kinase (ITK) being evaluated for its potential to treat T-cell lymphomas and other cancers.