Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Short Interest Up 17.8% in March

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP - Get Free Report) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 475,600 shares, a growth of 17.8% from the March 15th total of 403,800 shares. Approximately 4.6% of the company's stock are short sold. Based on an average trading volume of 912,800 shares, the days-to-cover ratio is currently 0.5 days.

Corbus Pharmaceuticals Stock Performance

CRBP stock traded up $0.85 during midday trading on Friday, reaching $40.85. The stock had a trading volume of 291,783 shares, compared to its average volume of 229,828. The firm has a fifty day simple moving average of $33.74 and a two-hundred day simple moving average of $16.40. The stock has a market cap of $429.33 million, a PE ratio of -3.94 and a beta of 2.46. Corbus Pharmaceuticals has a 52-week low of $3.03 and a 52-week high of $49.87.

Corbus Pharmaceuticals (NASDAQ:CRBP - Get Free Report) last released its quarterly earnings data on Tuesday, March 12th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, beating analysts' consensus estimates of ($2.36) by $0.55. On average, sell-side analysts predict that Corbus Pharmaceuticals will post -5.21 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CRBP shares. Oppenheimer restated an "outperform" rating and issued a $58.00 target price (up previously from $51.00) on shares of Corbus Pharmaceuticals in a research note on Wednesday, March 13th. StockNews.com upgraded Corbus Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Wednesday, February 28th. Finally, Jefferies Financial Group upgraded Corbus Pharmaceuticals from a "hold" rating to a "buy" rating and raised their target price for the stock from $4.00 to $46.00 in a research note on Wednesday, March 6th.

Insider Buying and Selling at Corbus Pharmaceuticals

In other Corbus Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp acquired 282,632 shares of the stock in a transaction dated Friday, January 26th. The stock was purchased at an average price of $32.24 per share, with a total value of $9,112,055.68. Following the transaction, the insider now directly owns 725,000 shares of the company's stock, valued at $23,374,000. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have purchased 1,282,632 shares of company stock valued at $33,374,556. 6.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corbus Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC increased its stake in shares of Corbus Pharmaceuticals by 40.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,626,860 shares of the biopharmaceutical company's stock valued at $410,000 after purchasing an additional 469,669 shares in the last quarter. Two Sigma Investments LP increased its stake in shares of Corbus Pharmaceuticals by 366.7% in the 4th quarter. Two Sigma Investments LP now owns 570,168 shares of the biopharmaceutical company's stock valued at $63,000 after purchasing an additional 448,002 shares in the last quarter. State Street Corp increased its stake in shares of Corbus Pharmaceuticals by 10.7% in the 1st quarter. State Street Corp now owns 395,513 shares of the biopharmaceutical company's stock valued at $210,000 after purchasing an additional 38,304 shares in the last quarter. Vident Investment Advisory LLC increased its stake in shares of Corbus Pharmaceuticals by 66.2% in the 1st quarter. Vident Investment Advisory LLC now owns 255,146 shares of the biopharmaceutical company's stock valued at $135,000 after purchasing an additional 101,659 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Corbus Pharmaceuticals by 13.6% in the 2nd quarter. BlackRock Inc. now owns 81,964 shares of the biopharmaceutical company's stock valued at $643,000 after purchasing an additional 9,807 shares in the last quarter. Hedge funds and other institutional investors own 64.64% of the company's stock.

Corbus Pharmaceuticals Company 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, an endocannabinoid small molecule drug for the treatment of obesity and related metabolic diseases; and lenabasum, an oral molecule that selectively activates cannabinoid receptor type 2 (CB2), which is in Phase II clinical trial or the treatment of inflammation and fibrosis.