40,000 Shares in Crescent Biopharma, Inc. $CBIO Bought by Stonepine Capital Management LLC

Stonepine Capital Management LLC acquired a new stake in shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 40,000 shares of the biopharmaceutical company’s stock, valued at approximately $720,000,000. Stonepine Capital Management LLC owned about 0.11% of Crescent Biopharma at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CBIO. Legal & General Group Plc acquired a new position in Crescent Biopharma in the 2nd quarter worth about $38,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Crescent Biopharma during the 4th quarter valued at about $138,000. Bank of America Corp DE bought a new stake in shares of Crescent Biopharma in the 2nd quarter valued at approximately $149,000. HRT Financial LP bought a new stake in shares of Crescent Biopharma in the 4th quarter valued at approximately $155,000. Finally, Quadrature Capital Ltd acquired a new position in Crescent Biopharma in the fourth quarter worth approximately $157,000. Hedge funds and other institutional investors own 75.19% of the company’s stock.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, CEO Joshua T. Brumm sold 42,305 shares of Crescent Biopharma stock in a transaction on Monday, June 22nd. The shares were 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 $5,059,003.88. This trade represents a 13.08% 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, COO Jonathan Mcneill sold 20,549 shares of Crescent Biopharma stock in a transaction on 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 transaction, the chief operating officer owned 139,158 shares in the company, valued at $2,503,452.42. This trade represents a 12.87% decrease in their position. The SEC filing for this sale provides additional information. 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 valued at $1,226,126 over the last 90 days. 24.84% of the stock is owned by corporate insiders.

Crescent Biopharma Stock Performance

CBIO opened at $17.76 on Friday. The business has a 50 day moving average price of $16.64 and a 200 day moving average price of $16.54. Crescent Biopharma, Inc. has a twelve month low of $8.72 and a twelve month high of $27.41. The firm has a market cap of $659.61 million, a P/E ratio of -2.64 and a beta of 1.23.

Crescent Biopharma (NASDAQ:CBIO) last announced its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.74). As a group, analysts anticipate that Crescent Biopharma, Inc. will post -2.91 earnings per share for the current fiscal 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.