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 stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $4.10, for a total value of $1,742,500.00. Following the transaction, the insider owned 1,919,971 shares in the company, valued at $7,871,881.10. This trade represents a 18.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Corbus Pharmaceuticals Price Performance

NASDAQ:CRBP traded down $0.31 during mid-day trading on Monday, reaching $3.91. The company’s stock had a trading volume of 673,093 shares, compared to its average volume of 515,310. The stock has a market cap of $73.00 million, a P/E ratio of -0.63 and a beta of 2.63. The company’s fifty day simple moving average is $7.17 and its two-hundred day simple moving average is $8.60. Corbus Pharmaceuticals Holdings, Inc. has a twelve month low of $3.87 and a twelve month high of $12.88.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($1.26) by ($0.55). Sell-side analysts expect that Corbus Pharmaceuticals Holdings, Inc. will post -5.62 EPS for the current fiscal year.

Institutional Trading of Corbus Pharmaceuticals

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

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Oppenheimer lowered their price objective on shares of Corbus Pharmaceuticals from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a report on Thursday, October 15th. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Corbus Pharmaceuticals in a research note on Monday, September 14th. Wall Street Zen cut Corbus Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Finally, Mizuho set a $33.00 target price on shares of Corbus Pharmaceuticals in a research report on Thursday, August 13th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.57.

About Corbus Pharmaceuticals

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.