Brokerages Set Crescent Biopharma, Inc. (NASDAQ:CBIO) Price Target at $28.00

Crescent Biopharma, Inc. (NASDAQ:CBIO) has received an average rating of “Buy” from the nine research firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, five have given a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $28.00.

CBIO has been the subject of a number of research analyst reports. Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. HC Wainwright reduced their target price on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Weiss Ratings upgraded Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. Guggenheim initiated coverage on Crescent Biopharma in a research note on Wednesday, January 21st. They issued a “buy” rating and a $35.00 target price for the company. Finally, Piper Sandler initiated coverage on Crescent Biopharma in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $35.00 target price for the company.

Crescent Biopharma Trading Down 0.4%

Shares of CBIO opened at $18.48 on Wednesday. Crescent Biopharma has a 12 month low of $8.72 and a 12 month high of $27.50. The stock has a fifty day moving average price of $17.70 and a 200-day moving average price of $14.08. The firm has a market cap of $509.31 million, a PE ratio of -1.69 and a beta of 1.21.

Crescent Biopharma (NASDAQ:CBIO) last issued its quarterly earnings data on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.85) by $0.15. The business had revenue of $1.04 million for the quarter, compared to analysts’ expectations of $0.36 million. As a group, research analysts forecast that Crescent Biopharma will post -3.22 EPS for the current year.

Hedge Funds Weigh In On Crescent Biopharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BVF Inc. IL raised its stake in Crescent Biopharma by 98.1% in the 4th quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock worth $32,600,000 after acquiring an additional 1,360,900 shares during the last quarter. Fcpm Iii Services B.V. acquired a new stake in Crescent Biopharma during the 4th quarter worth about $19,899,000. Vestal Point Capital LP acquired a new stake in Crescent Biopharma during the 4th quarter worth about $17,790,000. Opaleye Management Inc. acquired a new stake in Crescent Biopharma during the 4th quarter worth about $13,975,000. Finally, Tang Capital Management LLC grew its position in Crescent Biopharma by 28.3% during the 4th quarter. Tang Capital Management LLC now owns 872,398 shares of the biopharmaceutical company’s stock worth $10,347,000 after purchasing an additional 192,574 shares during the period. Hedge funds and other institutional investors own 75.19% of the company’s stock.

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-β), with the goal of restoring T-cell activity and reducing tumor fibrosis.