Crescent Biopharma (NASDAQ:CBIO) Shares Gap Down – Here’s Why

Crescent Biopharma, Inc. (NASDAQ:CBIO) shares gapped down before the market opened on Wednesday . The stock had previously closed at $17.33, but opened at $16.68. Crescent Biopharma shares last traded at $16.6490, with a volume of 3,856 shares traded.

Wall Street Analyst Weigh In

CBIO has been the topic of a number of analyst reports. HC Wainwright reaffirmed a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Crescent Biopharma currently has a consensus rating of “Moderate Buy” and an average target price of $29.40.

Crescent Biopharma Stock Up 1.2%

The stock has a market cap of $617.64 million, a PE ratio of -2.47 and a beta of 1.23. The business’s 50-day simple moving average is $16.79 and its 200-day simple moving average is $16.05.

Crescent Biopharma (NASDAQ:CBIO) last posted its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.74). As a group, equities research analysts anticipate that Crescent Biopharma, Inc. will post -2.91 earnings per share for the current fiscal year.

Insider Activity at Crescent Biopharma

In other news, CEO Joshua T. Brumm sold 42,305 shares of Crescent Biopharma 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 sale, the chief executive officer directly owned 281,212 shares in the company, valued at approximately $5,059,003.88. This trade represents a 13.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Also, COO Jonathan Mcneill sold 20,549 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $369,676.51. Following the transaction, the chief operating officer directly owned 139,158 shares in the company, valued at $2,503,452.42. This trade represents a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last quarter, insiders sold 68,156 shares of company stock valued at $1,226,126. Company insiders own 24.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CBIO. Commodore Capital LP purchased a new stake in shares of Crescent Biopharma in the 2nd quarter worth about $7,322,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Crescent Biopharma during the second quarter valued at about $1,629,000. Bank of America Corp DE bought a new position in Crescent Biopharma in the second quarter worth about $149,000. Perceptive Advisors LLC bought a new position in Crescent Biopharma in the second quarter worth about $7,322,000. Finally, Soleus Capital Management L.P. purchased a new stake in Crescent Biopharma in the second quarter worth about $6,456,000. 75.19% of the stock is currently 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.