Crescent Biopharma’s (CBIO) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Crescent Biopharma (NASDAQ:CBIO) in a report released on Monday morning, MarketBeat.com reports. HC Wainwright currently has a $36.00 target price on the biopharmaceutical company’s stock.

A number of other equities research analysts also recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crescent Biopharma in a report on Friday, August 7th. Wedbush restated an “outperform” rating and set a $27.00 target price on shares of Crescent Biopharma in a report on Monday, September 14th. Finally, TD Cowen upgraded Crescent Biopharma to a “strong-buy” rating in a research report on Monday, August 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $33.00.

Crescent Biopharma Stock Up 0.8%

CBIO opened at $13.17 on Monday. The company has a fifty day moving average price of $16.21 and a two-hundred day moving average price of $17.65. Crescent Biopharma has a 52 week low of $8.72 and a 52 week high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.74). As a group, research analysts predict that Crescent Biopharma will post -2.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jonathan McNeill sold 3,839 shares of the business’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $16.71, for a total value of $64,149.69. Following the completion of the transaction, the chief operating officer owned 134,588 shares of the company’s stock, valued at $2,248,965.48. The trade was a 2.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 7,837 shares of the company’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $16.71, for a total transaction of $130,956.27. Following the completion of the sale, the chief executive officer owned 271,765 shares of the company’s stock, valued at approximately $4,541,193.15. This represents a 2.80% 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 three months, insiders have sold 16,726 shares of company stock worth $285,501. Insiders own 24.84% of the company’s stock.

Institutional Trading of Crescent Biopharma

Several hedge funds have recently added to or reduced their stakes in the business. Opaleye Management Inc. lifted its holdings in Crescent Biopharma by 0.5% during the second quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company’s stock worth $23,748,000 after acquiring an additional 6,736 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Crescent Biopharma in the second quarter worth about $22,892,000. Exome Asset Management LLC bought a new stake in shares of Crescent Biopharma in the first quarter worth about $2,814,000. Jennison Associates LLC bought a new stake in shares of Crescent Biopharma in the first quarter worth about $2,810,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Crescent Biopharma during the second quarter worth about $824,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

About Crescent Biopharma