Crescent Biopharma (NASDAQ:CBIO) CFO Richard William Scalzo Sells 1,112 Shares

Crescent Biopharma, Inc. (NASDAQ:CBIO) CFO Richard William Scalzo sold 1,112 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $20,004.88. Following the sale, the chief financial officer owned 20,298 shares of the company’s stock, valued at approximately $365,161.02. This represents a 5.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.

Crescent Biopharma Price Performance

Shares of NASDAQ:CBIO traded down $0.07 during trading on Tuesday, hitting $17.50. The company’s stock had a trading volume of 227,100 shares, compared to its average volume of 235,713. The company has a 50-day moving average of $19.83 and a 200-day moving average of $15.01. Crescent Biopharma, Inc. has a 12 month low of $8.72 and a 12 month high of $27.41. The firm has a market cap of $482.30 million, a price-to-earnings ratio of -1.60 and a beta of 1.17.

Crescent Biopharma (NASDAQ:CBIO) last announced its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share (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 the consensus estimate of $0.36 million. As a group, research analysts anticipate that Crescent Biopharma, Inc. will post -3.25 earnings per share for the current year.

Institutional Investors Weigh In On Crescent Biopharma

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE lifted its holdings in shares of Crescent Biopharma by 425.3% in the first quarter. Bank of America Corp DE now owns 29,277 shares of the biopharmaceutical company’s stock worth $538,000 after buying an additional 23,704 shares in the last quarter. Exome Asset Management LLC purchased a new position in Crescent Biopharma during the first quarter valued at $2,814,000. OMERS ADMINISTRATION Corp increased its holdings in Crescent Biopharma by 53.4% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 17,800 shares of the biopharmaceutical company’s stock valued at $327,000 after acquiring an additional 6,200 shares during the last quarter. Jennison Associates LLC purchased a new stake in Crescent Biopharma in the 1st quarter worth $2,810,000. Finally, Cannon Global Investment Management LLC purchased a new stake in Crescent Biopharma in the 1st quarter worth $187,000. Institutional investors own 75.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CBIO shares. HC Wainwright cut their price objective on shares of Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Stifel Nicolaus set a $29.00 target price on Crescent Biopharma in a research report on Thursday, February 26th. Wall Street Zen raised Crescent Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Finally, Weiss Ratings upgraded Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

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.