Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Sees Large Drop in Short Interest

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) was the recipient of a significant decrease in short interest during the month of May. As of May 31st, there was short interest totalling 369,100 shares, a decrease of 28.1% from the May 15th total of 513,200 shares. Based on an average daily volume of 251,100 shares, the short-interest ratio is presently 1.5 days. Currently, 3.5% of the company’s stock are sold short.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in CRBP. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Corbus Pharmaceuticals in the 1st quarter valued at $976,000. Altitude Crest Partners Inc. acquired a new stake in Corbus Pharmaceuticals during the 1st quarter worth about $4,069,000. Price T Rowe Associates Inc. MD bought a new position in shares of Corbus Pharmaceuticals in the 1st quarter worth about $7,554,000. Vanguard Group Inc. boosted its position in shares of Corbus Pharmaceuticals by 143.7% during the 1st quarter. Vanguard Group Inc. now owns 437,264 shares of the biopharmaceutical company’s stock valued at $17,158,000 after purchasing an additional 257,808 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Corbus Pharmaceuticals during the first quarter worth approximately $10,181,000. 64.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on CRBP shares. Oppenheimer upped their price target on shares of Corbus Pharmaceuticals from $60.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, June 3rd. Jefferies Financial Group raised Corbus Pharmaceuticals from a “hold” rating to a “buy” rating and raised their price target for the company from $4.00 to $46.00 in a report on Wednesday, March 6th. StockNews.com lowered shares of Corbus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, June 4th. Finally, Royal Bank of Canada lifted their price objective on Corbus Pharmaceuticals from $77.00 to $82.00 and gave the company an “outperform” rating in a report on Tuesday, June 11th.

Corbus Pharmaceuticals Stock Down 5.3 %

Shares of CRBP stock traded down $2.79 during trading hours on Friday, reaching $50.10. The company’s stock had a trading volume of 260,194 shares, compared to its average volume of 229,490. Corbus Pharmaceuticals has a fifty-two week low of $3.03 and a fifty-two week high of $55.41. The firm’s 50 day simple moving average is $42.17 and its 200-day simple moving average is $28.21. The company has a market capitalization of $535.57 million, a price-to-earnings ratio of -7.20 and a beta of 2.52.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.09) by $0.26. Sell-side analysts predict that Corbus Pharmaceuticals will post -5.86 earnings per share for the current year.

Corbus Pharmaceuticals Company Profile

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, a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist for the treatment of obesity.