Crescent Biopharma (NASDAQ:CBIO) Stock Rating Lowered by Wall Street Zen

Crescent Biopharma (NASDAQ:CBIO) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other equities analysts have also recently issued reports on the stock. Piper Sandler started coverage on shares of Crescent Biopharma in a research note on Wednesday. They set an “overweight” rating and a $35.00 target price on the stock. Stifel Nicolaus set a $32.00 price objective on shares of Crescent Biopharma in a report on Thursday, December 4th. Weiss Ratings restated a “sell (e-)” rating on shares of Crescent Biopharma in a report on Monday, December 29th. Finally, Guggenheim initiated coverage on shares of Crescent Biopharma in a research note on Wednesday, January 21st. They set a “buy” rating and a $35.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Crescent Biopharma presently has an average rating of “Buy” and an average price target of $28.86.

Crescent Biopharma Trading Down 5.5%

Shares of CBIO opened at $9.59 on Friday. The company has a market cap of $133.21 million, a price-to-earnings ratio of -0.45 and a beta of 1.35. The business’s fifty day simple moving average is $12.61 and its two-hundred day simple moving average is $12.74. Crescent Biopharma has a 12 month low of $9.43 and a 12 month high of $37.00.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings results on Thursday, November 6th. The biopharmaceutical company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($1.01) by ($0.26). As a group, research analysts forecast that Crescent Biopharma will post -0.16 EPS for the current year.

Insiders Place Their Bets

In other Crescent Biopharma news, Director Fairmount Funds Management Llc purchased 1,360,000 shares of the company’s stock in a transaction dated Thursday, December 4th. The shares were acquired at an average price of $13.41 per share, for a total transaction of $18,237,600.00. Following the purchase, the director directly owned 2,747,866 shares of the company’s stock, valued at $36,848,883.06. The trade was a 97.99% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.70% of the company’s stock.

Institutional Investors Weigh In On Crescent Biopharma

Hedge funds and other institutional investors have recently modified their holdings of the stock. BVF Inc. IL purchased a new stake in Crescent Biopharma in the second quarter worth about $22,400,000. Affinity Asset Advisors LLC purchased a new position in shares of Crescent Biopharma during the 2nd quarter valued at about $4,520,000. Frazier Life Sciences Management L.P. bought a new position in shares of Crescent Biopharma during the 2nd quarter valued at approximately $7,322,000. Braidwell LP purchased a new stake in Crescent Biopharma in the 2nd quarter worth approximately $4,221,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Crescent Biopharma in the 2nd quarter worth approximately $437,000. 75.19% of the stock is currently owned by hedge funds and other 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-?), with the goal of restoring T-cell activity and reducing tumor fibrosis.