MetLife Investment Management LLC Acquires Shares of 5,951 Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP)

MetLife Investment Management LLC bought a new position in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 5,951 shares of the biopharmaceutical company’s stock, valued at approximately $123,000.

A number of other large investors have also recently modified their holdings of the stock. FMR LLC raised its stake in Corbus Pharmaceuticals by 33.0% in the third quarter. FMR LLC now owns 10,028 shares of the biopharmaceutical company’s stock worth $207,000 after buying an additional 2,486 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Corbus Pharmaceuticals by 7.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,731 shares of the biopharmaceutical company’s stock worth $469,000 after acquiring an additional 1,600 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Corbus Pharmaceuticals by 224.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 93,643 shares of the biopharmaceutical company’s stock valued at $1,932,000 after purchasing an additional 64,800 shares during the period. HealthInvest Partners AB boosted its position in shares of Corbus Pharmaceuticals by 77.9% during the third 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 in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Corbus Pharmaceuticals by 29.9% in the third quarter. Victory Capital Management Inc. now owns 24,760 shares of the biopharmaceutical company’s stock worth $511,000 after purchasing an additional 5,700 shares during the period. Institutional investors own 64.64% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on CRBP shares. B. Riley dropped their target price on shares of Corbus Pharmaceuticals from $85.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Royal Bank of Canada restated an “outperform” rating and issued a $82.00 price objective on shares of Corbus Pharmaceuticals in a report on Friday, September 20th. Piper Sandler initiated coverage on shares of Corbus Pharmaceuticals in a report on Monday, December 2nd. They set an “overweight” rating and a $35.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $80.00 price target on shares of Corbus Pharmaceuticals in a research note on Monday, September 23rd. Finally, Mizuho reiterated an “outperform” rating and set a $74.00 price objective on shares of Corbus Pharmaceuticals in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Corbus Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $62.00.

Insiders Place Their Bets

In related news, major shareholder Cormorant Asset Management, Lp bought 350,000 shares of the business’s stock in a transaction on Friday, September 20th. The stock was acquired at an average price of $20.01 per share, with a total value of $7,003,500.00. Following the transaction, the insider now owns 2,375,000 shares in the company, valued at approximately $47,523,750. This trade represents a 17.28 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 4.00% of the stock is owned by insiders.

Corbus Pharmaceuticals Price Performance

CRBP stock opened at $15.24 on Tuesday. The stock has a market capitalization of $185.62 million, a P/E ratio of -3.25 and a beta of 2.58. Corbus Pharmaceuticals Holdings, Inc. has a 1-year low of $4.94 and a 1-year high of $61.90. The business has a fifty day moving average price of $17.69 and a 200-day moving average price of $38.37.

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.