Crescent Biopharma, Inc. (NASDAQ:CBIO) Stock Has Consensus Target Price of $32.40 According to Brokerages

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) have earned an average recommendation of “Buy” from the six research firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $32.40.

Several equities research analysts recently issued reports on the stock. HC Wainwright raised shares of Crescent Biopharma from a “neutral” rating to a “buy” rating and set a $36.00 target price for the company in a report on Tuesday, October 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. TD Cowen upgraded Crescent Biopharma to a “strong-buy” rating in a research note on Monday, August 24th. Finally, Wedbush reiterated an “outperform” rating and issued a $27.00 price target on shares of Crescent Biopharma in a research note on Monday, September 14th.

Crescent Biopharma Stock Down 2.6%

NASDAQ:CBIO opened at $12.58 on Friday. Crescent Biopharma has a 12 month low of $8.72 and a 12 month high of $27.41. The company has a 50 day simple moving average of $16.63 and a two-hundred day simple moving average of $17.83.

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

Insider Activity at Crescent Biopharma

In related news, CEO Joshua T. Brumm sold 7,837 shares of the stock in a transaction on Friday, September 18th. The stock was sold at an average price of $16.71, for a total transaction of $130,956.27. Following the sale, the chief executive officer owned 271,765 shares in the company, valued at approximately $4,541,193.15. This represents a 2.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 3,839 shares of the firm’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $16.71, for a total transaction of $64,149.69. Following the completion of the sale, the chief operating officer owned 134,588 shares of the company’s stock, valued at $2,248,965.48. This trade represents a 2.77% decrease in their position. The SEC filing for this sale provides additional information. 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 16,726 shares of company stock valued at $285,501 in the last 90 days. 24.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Crescent Biopharma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fcpm Iii Services B.V. purchased a new stake in shares of Crescent Biopharma during the fourth quarter valued at about $19,899,000. BVF Inc. IL boosted its holdings in shares of Crescent Biopharma by 98.1% in the 4th quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock valued at $32,600,000 after buying an additional 1,360,900 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Crescent Biopharma in the 2nd quarter worth approximately $22,892,000. NEXTBio Capital Management LP purchased a new position in shares of Crescent Biopharma in the 4th quarter worth approximately $4,422,000. Finally, Exome Asset Management LLC purchased a new position in shares of Crescent Biopharma in the 1st quarter worth approximately $2,814,000. Institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Company Profile