Crescent Biopharma (NASDAQ:CBIO) Trading Down 5.1% – Here’s What Happened

Crescent Biopharma, Inc. (NASDAQ:CBIO) shares were down 5.1% during mid-day trading on Monday . The company traded as low as $16.93 and last traded at $16.8460. Approximately 13,978 shares traded hands during trading, a decline of 95% from the average session volume of 265,922 shares. The stock had previously closed at $17.75.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wedbush restated an “outperform” rating and issued a $27.00 price objective on shares of Crescent Biopharma in a research report on Thursday. TD Cowen upgraded shares of Crescent Biopharma to a “strong-buy” rating in a research report on Monday, August 24th. HC Wainwright reiterated a “neutral” rating on shares of Crescent Biopharma in a research report on Thursday, July 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Crescent Biopharma presently has an average rating of “Moderate Buy” and a consensus target price of $29.60.

Crescent Biopharma Price Performance

The firm has a market cap of $615.41 million, a PE ratio of -2.47 and a beta of 1.23. The company has a 50 day simple moving average of $16.64 and a 200-day simple moving average of $16.60.

Crescent Biopharma (NASDAQ:CBIO) last announced its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.74). On average, sell-side analysts predict that Crescent Biopharma, Inc. will post -2.91 EPS for the current fiscal year.

Insider Transactions at Crescent Biopharma

In related news, COO Jonathan Mcneill sold 20,549 shares of the stock in a transaction dated 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 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 legal filing with the SEC, which is available through this link. 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 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 owned 281,212 shares in the company, valued at approximately $5,059,003.88. The trade was 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 over the last ninety days. Insiders own 24.84% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Legal & General Group Plc bought a new stake in Crescent Biopharma during the 2nd quarter valued at $38,000. California State Teachers Retirement System purchased a new position in shares of Crescent Biopharma in the second quarter valued at about $96,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Crescent Biopharma in the fourth quarter valued at about $138,000. Bank of America Corp DE bought a new position in shares of Crescent Biopharma during the second quarter valued at about $149,000. Finally, HRT Financial LP bought a new position in shares of Crescent Biopharma during the fourth quarter valued at about $155,000. Institutional investors own 75.19% of the company’s stock.

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.