Wellington Management Group LLP Buys New Stake in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP)

Wellington Management Group LLP purchased a new stake in shares of Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 23,801 shares of the biopharmaceutical company’s stock, valued at approximately $491,000. Wellington Management Group LLP owned approximately 0.20% of Corbus Pharmaceuticals as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Darwin Global Management Ltd. purchased a new stake in shares of Corbus Pharmaceuticals during the 2nd quarter valued at about $14,267,000. State Street Corp increased its stake in Corbus Pharmaceuticals by 34.6% during the third quarter. State Street Corp now owns 595,576 shares of the biopharmaceutical company’s stock worth $12,287,000 after acquiring an additional 153,243 shares during the last quarter. Integral Health Asset Management LLC bought a new stake in Corbus Pharmaceuticals during the second quarter worth approximately $4,525,000. Charles Schwab Investment Management Inc. raised its position in Corbus Pharmaceuticals by 224.7% during the third 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. Finally, HighVista Strategies LLC bought a new stake in shares of Corbus Pharmaceuticals in the 2nd quarter valued at approximately $1,755,000. Institutional investors own 64.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Corbus Pharmaceuticals in a report on Monday, September 23rd. Wedbush reissued an “outperform” rating and issued a $51.00 target price on shares of Corbus Pharmaceuticals in a research note on Monday, November 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $82.00 price target on shares of Corbus Pharmaceuticals in a research note on Friday, September 20th. Piper Sandler began coverage on shares of Corbus Pharmaceuticals in a research report on Monday, December 2nd. They issued an “overweight” rating and a $35.00 price objective on the stock. Finally, Mizuho restated an “outperform” rating and set a $74.00 target price on shares of Corbus Pharmaceuticals in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.00.

Corbus Pharmaceuticals Stock Performance

Shares of NASDAQ:CRBP opened at $13.00 on Friday. The firm’s 50 day simple moving average is $16.85 and its 200-day simple moving average is $36.61. Corbus Pharmaceuticals Holdings, Inc. has a one year low of $5.09 and a one year high of $61.90. The firm has a market cap of $158.33 million, a PE ratio of -2.77 and a beta of 2.57.

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.