Crescent Biopharma (NASDAQ:CBIO) Upgraded by Guggenheim to Strong-Buy Rating

Crescent Biopharma (NASDAQ:CBIO) was upgraded by stock analysts at Guggenheim to a “strong-buy” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm presently has a $35.00 price target on the biopharmaceutical company’s stock. Guggenheim’s target price would suggest a potential upside of 155.10% from the company’s previous close.

CBIO has been the topic of a number of other reports. Weiss Ratings reissued a “sell (e-)” rating on shares of Crescent Biopharma in a report on Monday, December 29th. Stifel Nicolaus set a $32.00 price target on shares of Crescent Biopharma in a report on Thursday, December 4th. Finally, Wall Street Zen downgraded shares of Crescent Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, December 6th. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $27.83.

Crescent Biopharma Stock Performance

Shares of CBIO stock opened at $13.72 on Wednesday. The stock has a fifty day simple moving average of $12.84 and a two-hundred day simple moving average of $12.86. The firm has a market capitalization of $190.57 million, a PE ratio of -0.65 and a beta of 1.35. Crescent Biopharma has a 52-week low of $9.81 and a 52-week high of $37.00.

Crescent Biopharma (NASDAQ:CBIO) last announced its quarterly earnings data on Thursday, November 6th. The biopharmaceutical company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($1.01) by ($0.26). On average, sell-side analysts forecast that Crescent Biopharma will post -0.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Crescent Biopharma news, Director Fairmount Funds Management Llc acquired 1,360,000 shares of the company’s stock in a transaction on Thursday, December 4th. The stock was acquired at an average cost of $13.41 per share, with a total value of $18,237,600.00. Following the purchase, the director directly owned 2,747,866 shares of the company’s stock, valued at approximately $36,848,883.06. This represents a 97.99% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CBIO. BVF Inc. IL bought a new stake in Crescent Biopharma during the second quarter worth approximately $22,400,000. Vanguard Group Inc. purchased a new position in shares of Crescent Biopharma in the 3rd quarter worth approximately $7,822,000. Perceptive Advisors LLC bought a new position in shares of Crescent Biopharma during the 2nd quarter valued at approximately $7,322,000. Commodore Capital LP purchased a new stake in Crescent Biopharma during the 2nd quarter valued at $7,322,000. Finally, Frazier Life Sciences Management L.P. bought a new stake in Crescent Biopharma in the second quarter worth $7,322,000. Institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Company Profile

Crescent Biopharma, Inc (NASDAQ: CBIO) is a clinical‐stage immuno‐oncology company focused on the discovery, development and commercialization of novel therapies for patients with solid tumors. The company’s research strategy centers on combination approaches that enhance anti‐tumor immune responses by simultaneously targeting multiple pathways implicated in immune evasion and tumor growth.

The company’s lead candidate, CPB-201, is a bifunctional fusion protein designed to block programmed death-ligand 1 (PD-L1) while neutralizing transforming growth factor-beta (TGF-β), with the goal of restoring T-cell activity and reducing tumor fibrosis.