Analysts Set Crescent Biopharma, Inc. (NASDAQ:CBIO) Price Target at $29.00

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) have earned an average rating of “Moderate Buy” from the six research firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings 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.

Insiders Place Their Bets

In other Crescent Biopharma news, COO Jonathan Mcneill sold 20,549 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total value of $369,676.51. Following the completion of the sale, the chief operating officer directly owned 139,158 shares in the company, valued at $2,503,452.42. This represents a 12.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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, CEO Joshua T. Brumm sold 42,305 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer directly owned 281,212 shares of the company’s stock, valued at $5,059,003.88. This trade represents a 13.08% decrease in their ownership of the stock. 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 have sold 68,156 shares of company stock worth $1,226,126 in the last three months. 8.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crescent Biopharma

Hedge funds and other institutional investors have recently bought and sold shares of the company. BVF Inc. IL raised its position in Crescent Biopharma by 98.1% in the fourth quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock valued at $32,600,000 after purchasing an additional 1,360,900 shares during the period. Fcpm Iii Services B.V. acquired a new stake in shares of Crescent Biopharma during the 4th quarter worth about $19,899,000. Vestal Point Capital LP acquired a new stake in shares of Crescent Biopharma during the 4th quarter worth about $17,790,000. Opaleye Management Inc. acquired a new stake in shares of Crescent Biopharma during the 4th quarter worth about $13,975,000. Finally, Tang Capital Management LLC raised its holdings in Crescent Biopharma by 28.3% in the 4th quarter. Tang Capital Management LLC now owns 872,398 shares of the biopharmaceutical company’s stock valued at $10,347,000 after buying an additional 192,574 shares during the period. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Crescent Biopharma Stock Up 0.9%

Shares of NASDAQ CBIO opened at $17.12 on Thursday. The firm has a 50-day simple moving average of $19.02 and a 200-day simple moving average of $15.27. The stock has a market capitalization of $471.83 million, a price-to-earnings ratio of -1.54 and a beta of 1.20. Crescent Biopharma 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 analysts’ consensus estimates of ($0.85) by $0.15. The business had revenue of $1.04 million for the quarter, compared to analyst estimates of $0.36 million. As a group, equities research analysts expect that Crescent Biopharma will post -3.25 EPS for the current year.

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-?), with the goal of restoring T-cell activity and reducing tumor fibrosis.