Crescent Biopharma (NASDAQ:CBIO) Trading Down 9.9% – Should You Sell?

Crescent Biopharma, Inc. (NASDAQ:CBIO) shares were down 9.9% during trading on Friday . The company traded as low as $19.45 and last traded at $19.1190. Approximately 46,339 shares traded hands during trading, a decline of 80% from the average daily volume of 230,139 shares. The stock had previously closed at $21.23.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CBIO. Weiss Ratings upgraded Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research note on Wednesday. HC Wainwright decreased their price objective on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Guggenheim began coverage on Crescent Biopharma in a report on Wednesday, January 21st. They issued a “buy” rating and a $35.00 price objective for the company. Stifel Nicolaus set a $29.00 price objective on Crescent Biopharma in a report on Thursday, February 26th. Finally, Piper Sandler began coverage on Crescent Biopharma in a report on Wednesday, January 28th. They issued an “overweight” rating and a $35.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $28.00.

Crescent Biopharma Trading Down 10.6%

The company has a fifty day moving average price of $17.26 and a 200-day moving average price of $13.95. The firm has a market cap of $523.23 million, a price-to-earnings ratio of -1.74 and a beta of 1.21.

Crescent Biopharma (NASDAQ:CBIO) last announced its quarterly earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.85) by $0.15. The business had revenue of $1.04 million during the quarter, compared to analysts’ expectations of $0.36 million. As a group, research analysts forecast that Crescent Biopharma, Inc. will post -3.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Crescent Biopharma

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE purchased a new position in shares of Crescent Biopharma in the 2nd quarter valued at about $149,000. Cannon Global Investment Management LLC purchased a new position in shares of Crescent Biopharma in the 1st quarter valued at about $187,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Crescent Biopharma in the 4th quarter valued at about $138,000. HRT Financial LP purchased a new position in shares of Crescent Biopharma in the 4th quarter valued at about $155,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Crescent Biopharma in the 4th quarter valued at about $157,000. Hedge funds and other 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.