Traders Buy Large Volume of Call Options on Corbus Pharmaceuticals (NASDAQ:CRBP)

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) saw some unusual options trading activity on Tuesday. Traders purchased 17,217 call options on the company. This represents an increase of approximately 2,318% compared to the typical daily volume of 712 call options.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Velan Capital Investment Management LP boosted its holdings in Corbus Pharmaceuticals by 3.4% in the third quarter. Velan Capital Investment Management LP now owns 61,000 shares of the biopharmaceutical company’s stock worth $772,000 after purchasing an additional 2,000 shares during the period. Pale Fire Capital SE boosted its holdings 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 during the period. Mariner LLC boosted its holdings in Corbus Pharmaceuticals by 34.0% in the third quarter. Mariner LLC now owns 20,840 shares of the biopharmaceutical company’s stock worth $264,000 after purchasing an additional 5,289 shares during the period. Persistent Asset Partners Ltd acquired a new position in Corbus Pharmaceuticals in the fourth quarter worth $54,000. Finally, ADAR1 Capital Management LLC acquired a new position in Corbus Pharmaceuticals in the third quarter worth $129,000. Institutional investors and hedge funds own 64.64% of the company’s stock.

Corbus Pharmaceuticals Stock Performance

Shares of CRBP stock traded down $2.78 during mid-day trading on Tuesday, reaching $8.57. 1,783,524 shares of the company were exchanged, compared to its average volume of 245,188. Corbus Pharmaceuticals has a fifty-two week low of $6.72 and a fifty-two week high of $20.56. The company has a market capitalization of $158.80 million, a P/E ratio of -1.47 and a beta of 2.68. The business’s 50 day simple moving average is $10.05 and its 200 day simple moving average is $9.42.

Corbus Pharmaceuticals (NASDAQ:CRBP) last released its quarterly earnings results on Tuesday, May 12th. The biopharmaceutical company reported ($1.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.03. On average, analysts forecast that Corbus Pharmaceuticals will post -4.83 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CRBP shares. Wall Street Zen upgraded shares of Corbus Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Guggenheim reiterated a “buy” rating and set a $45.00 price objective on shares of Corbus Pharmaceuticals in a research note on Wednesday, May 13th. Oppenheimer dropped their price objective on shares of Corbus Pharmaceuticals from $57.00 to $54.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Monday, April 20th. Finally, Jefferies Financial Group decreased their price target on shares of Corbus Pharmaceuticals from $36.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Corbus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $42.89.

About Corbus Pharmaceuticals

Corbus Pharmaceuticals Holdings, Inc is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of therapeutic candidates for rare, life-threatening inflammatory and fibrotic diseases. The company’s lead investigational therapy, lenabasum, is a synthetic, oral cannabinoid receptor type 2 (CB2) agonist designed to resolve chronic inflammation by harnessing the body’s innate resolution pathways. Corbus operates by advancing small-molecule compounds through preclinical and clinical studies to address unmet medical needs in autoimmune and inflammatory disorders.

Lenabasum is currently under evaluation in a Phase 3 clinical trial for diffuse cutaneous systemic sclerosis (dcSSc) and in a Phase 2 study for cystic fibrosis–related inflammation.