Crescent Biopharma (NASDAQ:CBIO) Announces Earnings Results

Crescent Biopharma (NASDAQ:CBIO) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.74) EPS for the quarter, meeting the consensus estimate of ($0.74), FiscalAI reports.

Crescent Biopharma Price Performance

Shares of Crescent Biopharma stock opened at $14.47 on Friday. The business has a 50 day simple moving average of $17.38 and a two-hundred day simple moving average of $15.80. Crescent Biopharma has a 12 month low of $8.72 and a 12 month high of $27.41. The stock has a market capitalization of $398.79 million, a P/E ratio of -2.15 and a beta of 1.20.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CBIO. HC Wainwright reiterated a “neutral” rating on shares of Crescent Biopharma in a research report on Thursday, July 16th. Weiss Ratings raised shares of Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. One equities research 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.40.

Insider Buying and Selling

In related news, CEO Joshua T. Brumm sold 42,305 shares of the 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 transaction, the chief executive officer directly owned 281,212 shares of the company’s stock, valued at approximately $5,059,003.88. This represents a 13.08% decrease in their position. The transaction was disclosed in a document filed 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 stock in a transaction 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 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. 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 worth $1,226,126 over the last ninety days. Corporate insiders own 24.84% of the company’s stock.

Institutional Trading of Crescent Biopharma

Several large investors have recently bought and sold shares of CBIO. Commodore Capital LP acquired a new stake in Crescent Biopharma in the 2nd quarter valued at about $7,322,000. Adage Capital Partners GP L.L.C. acquired a new position in shares of Crescent Biopharma during the 2nd quarter worth approximately $1,629,000. Bank of America Corp DE purchased a new stake in shares of Crescent Biopharma in the second quarter valued at approximately $149,000. Perceptive Advisors LLC purchased a new stake in shares of Crescent Biopharma in the second quarter valued at approximately $7,322,000. Finally, Soleus Capital Management L.P. acquired a new stake in shares of Crescent Biopharma in the second quarter valued at approximately $6,456,000. Hedge funds and other institutional investors own 75.19% of the company’s stock.

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.