Comerica Bank Increases Stake in Corbus Pharmaceuticals Holdings, Inc. $CRBP

Key Points

• Comerica Bank significantly increased its holdings in Corbus Pharmaceuticals, acquiring an additional 200,000 shares, raising its ownership to 1.63% and a total worth of $1,062,000.
• Corbus Pharmaceuticals has seen a substantial stock price increase of 342% YTD, with the stock currently priced at $9.86 and a market capitalization of $120.88 million.
• The company reported earnings of ($1.44) per share for the last quarter, exceeding analyst expectations, and has garnered multiple strong-buy ratings from investment analysts with an average price target of $49.00.

Comerica Bank increased its holdings in shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Free Report) by 20,000,000.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 200,001 shares of the biopharmaceutical company's stock after acquiring an additional 200,000 shares during the quarter. Comerica Bank owned about 1.63% of Corbus Pharmaceuticals worth $1,062,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRBP. Wells Fargo & Company MN boosted its position in Corbus Pharmaceuticals by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 6,444 shares of the biopharmaceutical company's stock worth $76,000 after acquiring an additional 2,195 shares during the last quarter. Deutsche Bank AG boosted its position in Corbus Pharmaceuticals by 46.8% during the fourth quarter. Deutsche Bank AG now owns 8,206 shares of the biopharmaceutical company's stock worth $97,000 after acquiring an additional 2,616 shares during the last quarter. Two Sigma Advisers LP acquired a new position in Corbus Pharmaceuticals during the fourth quarter worth about $130,000. Stonepine Capital Management LLC acquired a new position in Corbus Pharmaceuticals during the first quarter worth about $186,000. Finally, Nuveen LLC acquired a new position in Corbus Pharmaceuticals during the first quarter worth about $243,000. 64.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRBP has been the topic of a number of recent research reports. B. Riley upgraded shares of Corbus Pharmaceuticals to a "strong-buy" rating and set a $28.00 price target on the stock in a research report on Wednesday, July 30th. Oppenheimer decreased their target price on shares of Corbus Pharmaceuticals from $56.00 to $53.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Finally, Lifesci Capital upgraded shares of Corbus Pharmaceuticals to a "strong-buy" rating in a report on Saturday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company. Based on data from MarketBeat, Corbus Pharmaceuticals currently has a consensus rating of "Buy" and a consensus price target of $49.00.

Corbus Pharmaceuticals Stock Performance

Shares of Corbus Pharmaceuticals stock traded down $0.16 on Thursday, reaching $9.50. The company had a trading volume of 61,455 shares, compared to its average volume of 88,696. The firm's 50 day moving average price is $9.11 and its two-hundred day moving average price is $7.76. The firm has a market cap of $116.47 million, a PE ratio of -2.00 and a beta of 3.08. Corbus Pharmaceuticals Holdings, Inc. has a 52-week low of $4.64 and a 52-week high of $56.93.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.44) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.55) by $0.11. As a group, sell-side analysts predict that Corbus Pharmaceuticals Holdings, Inc. will post -4.23 EPS for the current year.

Corbus Pharmaceuticals 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.