Crescent Biopharma, Inc. (NASDAQ:CBIO) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) have been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $29.00.

Separately, Weiss Ratings upgraded Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th.

Crescent Biopharma Stock Performance

CBIO opened at $16.81 on Thursday. The firm’s fifty day moving average is $18.70 and its two-hundred day moving average is $15.34. The firm has a market cap of $463.28 million, a PE ratio of -1.54 and a beta of 1.20. Crescent Biopharma has a twelve month low of $8.72 and a twelve month high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last announced its quarterly earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.85) by $0.15. The firm had revenue of $1.04 million during the quarter, compared to analyst estimates of $0.36 million. Equities analysts forecast that Crescent Biopharma will post -3.25 EPS for the current fiscal year.

Insider Activity

In related news, COO Jonathan Mcneill sold 20,549 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 transaction of $369,676.51. Following the completion of the transaction, the chief operating officer directly owned 139,158 shares of the company’s stock, 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 document filed 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. Also, CEO Joshua T. Brumm sold 42,305 shares of the business’s 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 transaction, the chief executive officer directly owned 281,212 shares in the company, valued at $5,059,003.88. This trade represents a 13.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold 68,156 shares of company stock valued at $1,226,126 over the last 90 days. Corporate insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Crescent Biopharma

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE bought a new stake in Crescent Biopharma during the second quarter worth $149,000. Cannon Global Investment Management LLC bought a new position in shares of Crescent Biopharma in the 1st quarter valued at about $187,000. OMERS ADMINISTRATION Corp bought a new position in shares of Crescent Biopharma in the 4th quarter valued at about $138,000. HRT Financial LP acquired a new position in shares of Crescent Biopharma during the 4th quarter worth about $155,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Crescent Biopharma during the 4th quarter worth about $157,000. 75.19% of the stock is owned by institutional investors.

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.