Tang Capital Management LLC Sells 357,347 Shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP)

Tang Capital Management LLC reduced its position in shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Free Report) by 59.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 242,653 shares of the biopharmaceutical company's stock after selling 357,347 shares during the quarter. Tang Capital Management LLC owned 1.99% of Corbus Pharmaceuticals worth $2,863,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Millennium Management LLC grew its holdings in shares of Corbus Pharmaceuticals by 215.0% during the fourth quarter. Millennium Management LLC now owns 386,653 shares of the biopharmaceutical company's stock valued at $4,563,000 after buying an additional 263,902 shares during the last quarter. Orbimed Advisors LLC boosted its stake in Corbus Pharmaceuticals by 28.5% during the 4th quarter. Orbimed Advisors LLC now owns 1,172,287 shares of the biopharmaceutical company's stock valued at $13,833,000 after purchasing an additional 259,735 shares during the last quarter. Altium Capital Management LLC increased its holdings in shares of Corbus Pharmaceuticals by 97.4% in the 4th quarter. Altium Capital Management LLC now owns 385,000 shares of the biopharmaceutical company's stock worth $4,543,000 after purchasing an additional 190,000 shares in the last quarter. Prosight Management LP raised its stake in shares of Corbus Pharmaceuticals by 107.7% in the fourth quarter. Prosight Management LP now owns 270,000 shares of the biopharmaceutical company's stock worth $3,186,000 after purchasing an additional 140,000 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Corbus Pharmaceuticals by 769.4% during the fourth quarter. Renaissance Technologies LLC now owns 139,100 shares of the biopharmaceutical company's stock valued at $1,641,000 after purchasing an additional 123,100 shares in the last quarter. 64.64% of the stock is owned by hedge funds and other institutional investors.

Corbus Pharmaceuticals Stock Performance

Shares of CRBP stock traded down $0.15 during mid-day trading on Friday, reaching $7.39. 21,447 shares of the company's stock traded hands, compared to its average volume of 355,620. Corbus Pharmaceuticals Holdings, Inc. has a 12 month low of $4.64 and a 12 month high of $61.90. The firm has a 50 day moving average price of $6.42 and a two-hundred day moving average price of $10.27. The firm has a market capitalization of $90.41 million, a PE ratio of -1.57 and a beta of 3.19.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last released its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.26) by ($0.13). As a group, equities analysts expect that Corbus Pharmaceuticals Holdings, Inc. will post -4.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CRBP shares. Wedbush reiterated an "outperform" rating and issued a $51.00 price objective on shares of Corbus Pharmaceuticals in a report on Wednesday, March 12th. Jefferies Financial Group decreased their price objective on shares of Corbus Pharmaceuticals from $70.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, March 11th. William Blair initiated coverage on shares of Corbus Pharmaceuticals in a research report on Friday, February 28th. They set an "outperform" rating on the stock. HC Wainwright cut their target price on shares of Corbus Pharmaceuticals from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, Wall Street Zen upgraded shares of Corbus Pharmaceuticals to a "sell" rating in a research note on Thursday, March 6th. One research analyst has rated the stock with a sell rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Corbus Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.88.

About Corbus Pharmaceuticals

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.