Cormorant Asset Management Doesn’t Think Corbus Pharmaceuticals Holdings Inc. (CRBP) Is Done Soaring Just Yet

In a new 13G filing with the SEC, Bihua Chen‘s Cormorant Asset Management reported owning 2.35 million shares of Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP), which account for 5.37% of the company’s outstanding stock. The fund has raised its stake from the 2.00 million shares that it held at the end of June, according to its 13F filing for the June 30 reporting period.

Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) is a clinical-stage pharmaceutical company that produces therapeutics for treating inflammatory and fibrotic diseases. Over the past 12 months, the company’s stock has gained an incredible 229.29%, with the bulk of those gains coming in the past two months. For the second quarter of 2016, Corbus Pharmaceuticals disclosed collaboration revenue of $396,598 and a loss per share of $0.11, compared to revenue of $113,636 and a loss per share of $0.10 for the corresponding quarter of 2015. Recently, Aegis set a price target of $12 on the stock along with a ‘Buy’ rating.

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Among the investors contained within Insider Monkey’s database, seven reported holding long positions in Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) as of the end of June, up from just three at the end of March. Some of the bullish investors included Joseph Edelman’s Perceptive Advisors, which held a $9.57 million position, Fred Knoll’s Knoll Capital Management, with a position valued at $7.67 million, and Jim Simons’ Renaissance Technologies.

Smart money managers who initiated a new position in the company during the June quarter encompassed Nathan Fischel’s DAFNA Capital Management, which had $1.2 million invested in the stock, and David Kim and Ken Greenberg’s Ghost Tree Capital, which acquired a position worth $897,000.

You can access the original SEC filing by clicking here.

Ownership Summary Table

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