Insider Selling: Corbus Pharmaceuticals (NASDAQ:CRBP) Major Shareholder Sells $1,742,500.00 in Stock

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) major shareholder Cormorant Asset Management, Lp sold 425,000 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $7,871,881.10. The trade was a 18.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Corbus Pharmaceuticals Price Performance

Shares of NASDAQ CRBP opened at $3.57 on Thursday. Corbus Pharmaceuticals Holdings, Inc. has a 1-year low of $3.57 and a 1-year high of $12.88. The business’s fifty day moving average price is $6.75 and its two-hundred day moving average price is $8.53. The firm has a market capitalization of $66.66 million, a PE ratio of -0.58 and a beta of 2.80.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.26) by ($0.55). Equities research analysts expect that Corbus Pharmaceuticals Holdings, Inc. will post -5.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Corbus Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Orbimed Advisors LLC increased its position in shares of Corbus Pharmaceuticals by 8.8% during the 1st quarter. Orbimed Advisors LLC now owns 1,737,287 shares of the biopharmaceutical company’s stock valued at $16,313,000 after purchasing an additional 140,000 shares during the period. Exome Asset Management LLC raised its stake in shares of Corbus Pharmaceuticals by 67.8% in the 1st quarter. Exome Asset Management LLC now owns 234,136 shares of the biopharmaceutical company’s stock worth $2,199,000 after buying an additional 94,593 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corbus Pharmaceuticals by 76.6% in the first quarter. Dimensional Fund Advisors LP now owns 136,602 shares of the biopharmaceutical company’s stock valued at $1,281,000 after buying an additional 59,248 shares during the period. Seven Fleet Capital Management LP lifted its holdings in shares of Corbus Pharmaceuticals by 51.0% in the first quarter. Seven Fleet Capital Management LP now owns 85,687 shares of the biopharmaceutical company’s stock valued at $805,000 after buying an additional 28,937 shares during the period. Finally, Doliver Advisors LP bought a new position in Corbus Pharmaceuticals during the third quarter valued at about $518,000. 64.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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