Crescent Biopharma (NASDAQ:CBIO) Stock Passes Above 200 Day Moving Average – Here’s Why

Crescent Biopharma, Inc. (NASDAQ:CBIO) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $14.22 and traded as high as $21.24. Crescent Biopharma shares last traded at $20.74, with a volume of 140,396 shares trading hands.

Wall Street Analysts Forecast Growth

CBIO has been the topic of a number of analyst reports. HC Wainwright cut their price objective on shares of Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Wall Street Zen raised shares of Crescent Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Stifel Nicolaus set a $29.00 price target on shares of Crescent Biopharma in a report on Thursday, February 26th. Weiss Ratings raised shares of Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. Finally, Piper Sandler started coverage on shares of Crescent Biopharma in a research report on Wednesday, January 28th. They set an “overweight” rating and a $35.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Crescent Biopharma has an average rating of “Buy” and a consensus price target of $28.00.

Crescent Biopharma Trading Up 2.5%

The stock’s fifty day moving average is $18.17 and its two-hundred day moving average is $14.22. The company has a market capitalization of $571.59 million, a PE ratio of -1.90 and a beta of 1.21.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings data on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.15. The company had revenue of $1.04 million for the quarter, compared to analysts’ expectations of $0.36 million. As a group, analysts anticipate that Crescent Biopharma, Inc. will post -3.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Crescent Biopharma

Several large investors have recently modified their holdings of CBIO. OMERS ADMINISTRATION Corp purchased a new position in Crescent Biopharma in the fourth quarter valued at approximately $138,000. Bank of America Corp DE bought a new position in Crescent Biopharma during the second quarter valued at $149,000. HRT Financial LP purchased a new stake in Crescent Biopharma in the fourth quarter worth $155,000. Quadrature Capital Ltd purchased a new stake in Crescent Biopharma in the fourth quarter worth $157,000. Finally, Cannon Global Investment Management LLC bought a new stake in shares of Crescent Biopharma in the first quarter valued at $187,000. Hedge funds and other 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.