Insider Selling: Crescent Biopharma (NASDAQ:CBIO) COO Sells 20,549 Shares of Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) COO Jonathan Mcneill sold 20,549 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total transaction of $369,676.51. Following the transaction, the chief operating officer directly owned 139,158 shares in the company, valued at approximately $2,503,452.42. This represents a 12.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 Down 0.4%

NASDAQ:CBIO traded down $0.07 during trading hours on Tuesday, reaching $17.50. The company had a trading volume of 227,100 shares, compared to its average volume of 235,713. The firm has a market cap of $482.30 million, a price-to-earnings ratio of -1.60 and a beta of 1.17. The business’s 50-day simple moving average is $19.83 and its two-hundred day simple moving average is $15.01. Crescent Biopharma, Inc. has a twelve month low of $8.72 and a twelve month high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last posted 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 company had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.36 million. As a group, equities analysts predict that Crescent Biopharma, Inc. will post -3.25 earnings per share for the current year.

Hedge Funds Weigh In On Crescent Biopharma

Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in Crescent Biopharma by 425.3% during the 1st quarter. Bank of America Corp DE now owns 29,277 shares of the biopharmaceutical company’s stock worth $538,000 after purchasing an additional 23,704 shares in the last quarter. Exome Asset Management LLC bought a new position in shares of Crescent Biopharma in the first quarter valued at approximately $2,814,000. OMERS ADMINISTRATION Corp boosted its position in shares of Crescent Biopharma by 53.4% during the first quarter. OMERS ADMINISTRATION Corp now owns 17,800 shares of the biopharmaceutical company’s stock valued at $327,000 after buying an additional 6,200 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Crescent Biopharma during the first quarter valued at approximately $2,810,000. Finally, Cannon Global Investment Management LLC bought a new stake in Crescent Biopharma during the first quarter worth $187,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.