Stonepine Capital Management LLC Takes $720,000 Position in Crescent Biopharma, Inc. $CBIO

Stonepine Capital Management LLC purchased a new position in Crescent Biopharma, Inc. (NASDAQ:CBIO) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 40,000 shares of the biopharmaceutical company’s stock, valued at approximately $720,000. Stonepine Capital Management LLC owned approximately 0.11% of Crescent Biopharma at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CBIO. Legal & General Group Plc bought a new position in Crescent Biopharma during the 2nd quarter valued at $38,000. OMERS ADMINISTRATION Corp acquired a new stake in Crescent Biopharma during the fourth quarter worth approximately $138,000. Bank of America Corp DE acquired a new stake in Crescent Biopharma during the 2nd quarter worth approximately $149,000. HRT Financial LP purchased a new stake in shares of Crescent Biopharma in the fourth quarter worth approximately $155,000. Finally, Quadrature Capital Ltd bought a new position in Crescent Biopharma in the 4th quarter valued at $157,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Crescent Biopharma Price Performance

Crescent Biopharma stock traded down $0.01 during midday trading on Friday, reaching $17.75. The company had a trading volume of 149,147 shares, compared to its average volume of 267,488. The company has a market capitalization of $659.24 million, a P/E ratio of -2.64 and a beta of 1.23. Crescent Biopharma, Inc. has a 12-month low of $8.72 and a 12-month high of $27.41. The firm’s fifty day simple moving average is $16.64 and its 200-day simple moving average is $16.54.

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

Insider Transactions at Crescent Biopharma

In other news, CEO Joshua T. Brumm sold 42,305 shares of Crescent Biopharma stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $761,066.95. Following the completion of the transaction, the chief executive officer directly owned 281,212 shares in the company, valued at $5,059,003.88. This trade represents a 13.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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, COO Jonathan Mcneill sold 20,549 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total value of $369,676.51. Following the completion of the sale, the chief operating officer directly owned 139,158 shares in the company, valued at approximately $2,503,452.42. The trade was a 12.87% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 68,156 shares of company stock valued at $1,226,126. Insiders own 24.84% of the company’s stock.

Analyst Ratings Changes

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

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.