Crescent Biopharma (NASDAQ:CBIO) Stock Jumps 10.2% – Time to Buy?

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) traded up 10.2% on Tuesday. The stock traded as high as $13.40 and last traded at $13.6240. 50,417 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 300,915 shares. The stock had previously closed at $12.36.

Analysts Set New Price Targets

Several brokerages recently commented on CBIO. UBS Group reaffirmed a “buy” rating and issued a $36.00 price target on shares of Crescent Biopharma in a research note on Monday. TD Cowen upgraded Crescent Biopharma to a “strong-buy” rating in a research note on Monday, August 24th. HC Wainwright reissued a “buy” rating and set a $36.00 price objective on shares of Crescent Biopharma in a report on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $27.00 target price on shares of Crescent Biopharma in a report on Monday, September 14th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $33.00.

Crescent Biopharma Trading Up 0.8%

The stock has a fifty day moving average of $16.21 and a two-hundred day moving average of $17.65. The stock has a market capitalization of $489.13 million, a price-to-earnings ratio of -1.96 and a beta of 1.27.

Crescent Biopharma (NASDAQ:CBIO) last issued its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.74). Equities analysts expect that Crescent Biopharma, Inc. will post -2.93 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Joshua T. Brumm sold 7,837 shares of the company’s stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $16.71, for a total transaction of $130,956.27. Following the transaction, the chief executive officer owned 271,765 shares in the company, valued at $4,541,193.15. This represents a 2.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 3,839 shares of the stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $16.71, for a total transaction of $64,149.69. Following the sale, the chief operating officer directly owned 134,588 shares in the company, valued at approximately $2,248,965.48. This represents a 2.77% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last 90 days, insiders sold 16,726 shares of company stock valued at $285,501. 24.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crescent Biopharma

A number of institutional investors have recently modified their holdings of CBIO. Opaleye Management Inc. grew its stake in shares of Crescent Biopharma by 0.5% during the second quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company’s stock valued at $23,748,000 after purchasing an additional 6,736 shares during the last quarter. Squarepoint Ops LLC bought a new position in Crescent Biopharma in the 2nd quarter worth approximately $435,000. Wellington Management Group LLP bought a new position in Crescent Biopharma in the 2nd quarter worth approximately $263,000. Stonepine Capital Management LLC bought a new position in Crescent Biopharma in the 2nd quarter worth approximately $720,000. Finally, Bank of America Corp DE acquired a new position in Crescent Biopharma during the 2nd quarter worth $465,000. 75.19% of the stock is owned by institutional investors.

About Crescent Biopharma

Crescent Biopharma, Inc operates as a biopharmaceutical company that develops and designs small molecule therapeutics to treat cancers. The company was founded on September 19, 2024 and is headquartered in Waltham, MA.