Corbus Pharmaceuticals (NASDAQ:CRBP) Stock: Insider Cormorant Asset Management, Lp Sells 425,000 Shares

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) major shareholder Cormorant Asset Management, Lp sold 425,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider owned 1,919,971 shares of the company’s stock, valued at $7,871,881.10. The trade was a 18.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Corbus Pharmaceuticals Stock Down 1.0%

Shares of NASDAQ CRBP opened at $3.87 on Wednesday. Corbus Pharmaceuticals Holdings, Inc. has a 1-year low of $3.73 and a 1-year high of $12.88. The company has a 50-day moving average of $6.91 and a two-hundred day moving average of $8.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.26) by ($0.55). As a group, sell-side analysts forecast that Corbus Pharmaceuticals Holdings, Inc. will post -5.89 earnings per share for the current year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Several large investors have recently bought and sold shares of the business. Bank of America Corp DE grew its holdings in Corbus Pharmaceuticals by 53,592.3% during the 1st quarter. Bank of America Corp DE now owns 13,960 shares of the biopharmaceutical company’s stock worth $131,000 after acquiring an additional 13,934 shares during the period. Pale Fire Capital SE lifted its stake in shares of Corbus Pharmaceuticals by 14.5% in the 1st quarter. Pale Fire Capital SE now owns 21,350 shares of the biopharmaceutical company’s stock valued at $200,000 after purchasing an additional 2,700 shares during the period. Engineers Gate Manager LP lifted its stake in shares of Corbus Pharmaceuticals by 109.9% in the 2nd quarter. Engineers Gate Manager LP now owns 29,800 shares of the biopharmaceutical company’s stock valued at $280,000 after purchasing an additional 15,600 shares during the period. Royal Bank of Canada lifted its stake in shares of Corbus Pharmaceuticals by 81.2% in the 1st quarter. Royal Bank of Canada now owns 29,901 shares of the biopharmaceutical company’s stock valued at $281,000 after purchasing an additional 13,401 shares during the period. Finally, Rangeley Capital LLC acquired a new position in shares of Corbus Pharmaceuticals in the 1st quarter valued at $421,000. 64.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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