Insider Selling: Crescent Biopharma (NASDAQ:CBIO) COO Sells $369,676.51 in Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) COO Jonathan Mcneill sold 20,549 shares of the company’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $17.99, for a total value of $369,676.51. Following the sale, the chief operating officer owned 139,158 shares in the company, valued at $2,503,452.42. The trade was a 12.87% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 Performance

Shares of NASDAQ CBIO opened at $16.99 on Friday. The stock has a 50 day moving average price of $19.76 and a 200 day moving average price of $15.09. The stock has a market capitalization of $468.24 million, a PE ratio of -1.56 and a beta of 1.16. 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 results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.85) by $0.15. The company had revenue of $1.04 million for the quarter, compared to analyst estimates of $0.36 million. As a group, research analysts forecast that Crescent Biopharma, Inc. will post -3.25 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE increased its holdings in shares of 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 acquiring an additional 23,704 shares during the last quarter. Exome Asset Management LLC acquired a new stake in Crescent Biopharma during the 1st quarter valued at $2,814,000. OMERS ADMINISTRATION Corp boosted its position in Crescent Biopharma by 53.4% during the first quarter. OMERS ADMINISTRATION Corp now owns 17,800 shares of the biopharmaceutical company’s stock worth $327,000 after purchasing an additional 6,200 shares during the period. Jennison Associates LLC bought a new position in Crescent Biopharma during the first quarter worth $2,810,000. Finally, Cannon Global Investment Management LLC acquired a new position in shares of Crescent Biopharma in the first quarter valued at $187,000. 75.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. Wall Street Zen upgraded shares of Crescent Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. HC Wainwright decreased their price objective on shares of Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Finally, Stifel Nicolaus set a $29.00 price objective on shares of Crescent Biopharma in a research note on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $29.00.

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.