Crescent Biopharma (NASDAQ:CBIO) CEO Joshua Brumm Sells 42,305 Shares of Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) CEO Joshua Brumm sold 42,305 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total value of $761,066.95. Following the completion of the transaction, the chief executive officer directly owned 281,212 shares of the company’s stock, valued at $5,059,003.88. This represents a 13.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Crescent Biopharma Stock Performance

Shares of NASDAQ CBIO traded down $0.07 during mid-day trading on Tuesday, hitting $17.50. 227,100 shares of the stock traded hands, compared to its average volume of 235,713. The company has a market cap of $482.30 million, a price-to-earnings ratio of -1.60 and a beta of 1.17. The stock has a fifty day moving average price of $19.83 and a 200-day moving average price of $15.01. Crescent Biopharma, Inc. has a 52 week low of $8.72 and a 52 week high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings data on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.15. The firm had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.36 million. As a group, sell-side analysts predict that Crescent Biopharma, Inc. will post -3.25 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on CBIO. HC Wainwright cut their price objective on shares of Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Weiss Ratings raised Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. Stifel Nicolaus set a $29.00 price objective on Crescent Biopharma in a research note on Thursday, February 26th. Finally, Wall Street Zen raised Crescent Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Crescent Biopharma currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. OMERS ADMINISTRATION Corp purchased a new stake in shares of Crescent Biopharma during the fourth quarter valued at $138,000. Bank of America Corp DE purchased a new position in Crescent Biopharma in the 2nd quarter worth about $149,000. HRT Financial LP bought a new position in Crescent Biopharma during the 4th quarter valued at about $155,000. Quadrature Capital Ltd bought a new position in Crescent Biopharma during the 4th quarter valued at about $157,000. Finally, Cannon Global Investment Management LLC purchased a new stake in shares of Crescent Biopharma during the 1st quarter valued at about $187,000. 75.19% of the stock is owned by institutional investors.

About Crescent Biopharma

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.