Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) Sees Large Decrease in Short Interest

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) was the recipient of a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 2,410,000 shares, a drop of 9.1% from the December 31st total of 2,650,000 shares. Based on an average trading volume of 324,600 shares, the short-interest ratio is presently 7.4 days. Currently, 22.1% of the company’s shares are short sold.

Corbus Pharmaceuticals Stock Performance

Shares of CRBP opened at $9.79 on Monday. The company has a 50 day moving average price of $13.39 and a 200-day moving average price of $28.83. Corbus Pharmaceuticals has a fifty-two week low of $9.51 and a fifty-two week high of $61.90. The stock has a market capitalization of $119.23 million, a PE ratio of -2.09 and a beta of 2.63.

Corbus Pharmaceuticals (NASDAQ:CRBP) last announced its earnings results on Thursday, November 7th. The biopharmaceutical company reported ($1.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.16). Equities research analysts forecast that Corbus Pharmaceuticals will post -4.23 EPS for the current year.

Hedge Funds Weigh In On Corbus Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp boosted its holdings in shares of Corbus Pharmaceuticals by 34.6% in the 3rd quarter. State Street Corp now owns 595,576 shares of the biopharmaceutical company’s stock valued at $12,287,000 after buying an additional 153,243 shares in the last quarter. Geode Capital Management LLC boosted its stake in Corbus Pharmaceuticals by 8.1% in the third quarter. Geode Capital Management LLC now owns 249,759 shares of the biopharmaceutical company’s stock valued at $5,154,000 after acquiring an additional 18,702 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Corbus Pharmaceuticals by 224.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 93,643 shares of the biopharmaceutical company’s stock worth $1,932,000 after purchasing an additional 64,800 shares during the last quarter. HighVista Strategies LLC increased its position in shares of Corbus Pharmaceuticals by 94.1% during the third quarter. HighVista Strategies LLC now owns 75,292 shares of the biopharmaceutical company’s stock worth $1,553,000 after purchasing an additional 36,499 shares in the last quarter. Finally, HealthInvest Partners AB lifted its holdings in shares of Corbus Pharmaceuticals by 77.9% during the 3rd quarter. HealthInvest Partners AB now owns 69,573 shares of the biopharmaceutical company’s stock valued at $1,435,000 after purchasing an additional 30,473 shares during the last quarter. Hedge funds and other institutional investors own 64.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRBP. StockNews.com raised Corbus Pharmaceuticals to a “sell” rating in a research report on Monday, January 13th. Piper Sandler began coverage on shares of Corbus Pharmaceuticals in a research note on Monday, December 2nd. They issued an “overweight” rating and a $35.00 price target on the stock. Finally, Wedbush reissued an “outperform” rating and issued a $51.00 price objective on shares of Corbus Pharmaceuticals in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

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, a peripherally restricted cannabinoid type-1 (CB1) receptor inverse agonist for the treatment of obesity.