Crescent Biopharma (NASDAQ:CBIO) Given “Outperform” Rating at Wedbush

Crescent Biopharma (NASDAQ:CBIO)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a report issued on Monday, Benzinga reports. They currently have a $27.00 target price on the biopharmaceutical company’s stock. Wedbush’s target price indicates a potential upside of 39.10% from the company’s previous close.

CBIO has been the subject of a number of other reports. TD Cowen raised shares of Crescent Biopharma to a “strong-buy” rating in a report on Monday, August 24th. HC Wainwright reissued a “neutral” rating on shares of Crescent Biopharma in a research report on Thursday, July 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.60.

Crescent Biopharma Price Performance

Shares of CBIO stock opened at $19.41 on Monday. The stock has a market cap of $720.89 million, a P/E ratio of -2.89 and a beta of 1.24. Crescent Biopharma has a one year low of $8.72 and a one year high of $27.41. The stock has a fifty day moving average price of $17.03 and a 200 day moving average price of $17.27.

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, hitting analysts’ consensus estimates of ($0.74). Equities research analysts anticipate that Crescent Biopharma will post -2.91 EPS for the current year.

Insider Transactions at Crescent Biopharma

In related news, COO Jonathan McNeill sold 20,549 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $369,676.51. Following the completion of the sale, the chief operating officer owned 139,158 shares in the company, valued at $2,503,452.42. This trade represents a 12.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 Brumm sold 42,305 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 transaction of $761,066.95. Following the completion of the transaction, the chief executive officer owned 281,212 shares in the company, valued at approximately $5,059,003.88. This trade represents a 13.08% 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. Insiders have sold a total of 68,156 shares of company stock valued at $1,226,126 in the last quarter. 24.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crescent Biopharma

Large investors have recently bought and sold shares of the business. Jennison Associates LLC acquired a new position in Crescent Biopharma in the first quarter worth $2,810,000. Exome Asset Management LLC acquired a new stake in shares of Crescent Biopharma in the first quarter valued at $2,814,000. BlackRock Inc. bought a new position in shares of Crescent Biopharma in the second quarter valued at about $22,892,000. Stonepine Capital Management LLC bought a new position in shares of Crescent Biopharma in the second quarter valued at about $720,000. Finally, Fcpm Iii Services B.V. acquired a new position in Crescent Biopharma during the 4th quarter worth about $19,899,000. 75.19% of the stock is currently owned by institutional investors.

Crescent Biopharma Company Profile

Crescent Biopharma, Inc (NASDAQ: CBIO) is a biopharmaceutical company focused on discovering and developing innovative therapies for the treatment of serious diseases. The company’s activities center on research, preclinical development and clinical evaluation of investigational drug candidates.

Crescent Biopharma does not appear to have commercially marketed products. Its pipeline consists of experimental therapies intended to address significant unmet medical needs, although detailed information about specific candidates, therapeutic areas and development stages may be limited in publicly available sources.

The company is headquartered in the United States and serves the biopharmaceutical market through its drug-development programs and potential future partnerships.