Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Short Interest Update

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) saw a significant increase in short interest in March. As of March 15th, there was short interest totalling 403,800 shares, an increase of 560.9% from the February 29th total of 61,100 shares. Based on an average trading volume of 886,400 shares, the days-to-cover ratio is currently 0.5 days. Currently, 3.9% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRBP. Jefferies Financial Group raised Corbus Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their target price for the company from $4.00 to $46.00 in a research report on Wednesday, March 6th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corbus Pharmaceuticals in a research report on Wednesday, March 13th. Finally, StockNews.com raised Corbus Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th.

Corbus Pharmaceuticals Stock Performance

Shares of CRBP stock opened at $35.57 on Thursday. Corbus Pharmaceuticals has a 1-year low of $3.03 and a 1-year high of $49.87. The stock’s fifty day moving average price is $28.36 and its 200 day moving average price is $13.63.

Insider Activity at Corbus Pharmaceuticals

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp bought 750,000 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were bought at an average price of $19.00 per share, with a total value of $14,250,000.00. Following the purchase, the insider now owns 1,475,000 shares of the company’s stock, valued at $28,025,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired a total of 1,282,632 shares of company stock worth $33,374,556 over the last quarter. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of Corbus Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP purchased a new stake in shares of Corbus Pharmaceuticals in the first quarter worth about $99,000. Royal Bank of Canada boosted its stake in shares of Corbus Pharmaceuticals by 1,576.6% in the fourth quarter. Royal Bank of Canada now owns 22,098 shares of the biopharmaceutical company’s stock worth $134,000 after buying an additional 20,780 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Corbus Pharmaceuticals by 13.6% in the second quarter. BlackRock Inc. now owns 81,964 shares of the biopharmaceutical company’s stock worth $643,000 after buying an additional 9,807 shares during the last quarter. Vident Investment Advisory LLC boosted its stake in shares of Corbus Pharmaceuticals by 66.2% in the first quarter. Vident Investment Advisory LLC now owns 255,146 shares of the biopharmaceutical company’s stock worth $135,000 after buying an additional 101,659 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Corbus Pharmaceuticals by 10.7% in the first quarter. State Street Corp now owns 395,513 shares of the biopharmaceutical company’s stock worth $210,000 after buying an additional 38,304 shares during the last quarter. Hedge funds and other institutional investors own 64.64% of the company’s stock.

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.