85,347 Shares in Corbus Pharmaceuticals Holdings, Inc. $CRBP Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. purchased a new position in shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) during the third quarter, HoldingsChannel reports. The firm purchased 85,347 shares of the biopharmaceutical company’s stock, valued at approximately $1,080,000.

A number of other hedge funds have also recently added to or reduced their stakes in CRBP. Corton Capital Inc. purchased a new stake in shares of Corbus Pharmaceuticals in the second quarter valued at approximately $86,000. Marshall Wace LLP acquired a new stake in Corbus Pharmaceuticals in the second quarter valued at $137,000. Baker Avenue Asset Management LP purchased a new stake in shares of Corbus Pharmaceuticals during the 2nd quarter worth $138,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Corbus Pharmaceuticals during the 2nd quarter worth $141,000. Finally, Nuveen LLC purchased a new position in Corbus Pharmaceuticals in the first quarter valued at about $243,000. Institutional investors and hedge funds own 64.64% of the company’s stock.

Corbus Pharmaceuticals Trading Up 2.6%

CRBP stock opened at $8.40 on Thursday. The firm has a 50-day moving average of $12.08 and a two-hundred day moving average of $10.69. The firm has a market capitalization of $147.42 million, a PE ratio of -1.52 and a beta of 2.71. Corbus Pharmaceuticals Holdings, Inc. has a one year low of $4.64 and a one year high of $20.56.

Corbus Pharmaceuticals (NASDAQ:CRBP) last posted its quarterly earnings results on Wednesday, November 12th. The biopharmaceutical company reported ($1.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.10). On average, equities research analysts anticipate that Corbus Pharmaceuticals Holdings, Inc. will post -4.23 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Cormorant Asset Management, Lp sold 30,029 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $11.46, for a total value of $344,132.34. Following the completion of the transaction, the insider directly owned 2,344,971 shares in the company, valued at approximately $26,873,367.66. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Sean F. Moran sold 12,981 shares of the firm’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $17.02, for a total value of $220,936.62. Following the transaction, the chief financial officer owned 73,313 shares of the company’s stock, valued at $1,247,787.26. This trade represents a 15.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 71,703 shares of company stock valued at $1,058,003 over the last three months. 3.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CRBP shares. HC Wainwright reissued a “buy” rating and set a $40.00 price objective on shares of Corbus Pharmaceuticals in a research note on Monday, October 20th. Piper Sandler reiterated an “overweight” rating and issued a $51.00 price target on shares of Corbus Pharmaceuticals in a report on Monday, October 20th. Mizuho set a $39.00 price target on shares of Corbus Pharmaceuticals in a research report on Wednesday, October 29th. Wedbush increased their target price on Corbus Pharmaceuticals from $31.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Corbus Pharmaceuticals in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.38.

Corbus Pharmaceuticals Profile

Corbus Pharmaceuticals Holdings, Inc is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of therapeutic candidates for rare, life-threatening inflammatory and fibrotic diseases. The company’s lead investigational therapy, lenabasum, is a synthetic, oral cannabinoid receptor type 2 (CB2) agonist designed to resolve chronic inflammation by harnessing the body’s innate resolution pathways. Corbus operates by advancing small-molecule compounds through preclinical and clinical studies to address unmet medical needs in autoimmune and inflammatory disorders.

Lenabasum is currently under evaluation in a Phase 3 clinical trial for diffuse cutaneous systemic sclerosis (dcSSc) and in a Phase 2 study for cystic fibrosis–related inflammation.