Crescent Biopharma (NASDAQ:CBIO) Given Buy Rating at HC Wainwright

Crescent Biopharma (NASDAQ:CBIO)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a report released on Monday, Marketbeat.com reports. They presently have a $36.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price target would suggest a potential upside of 164.24% from the stock’s current price.

A number of other equities analysts have also recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. TD Cowen upgraded shares of 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 objective on shares of Crescent Biopharma in a research note on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Crescent Biopharma currently has an average rating of “Buy” and a consensus target price of $33.00.

Crescent Biopharma Price Performance

Shares of CBIO stock traded up $1.26 during trading hours on Monday, reaching $13.62. 50,417 shares of the company’s stock were exchanged, compared to its average volume of 300,915. The company has a market cap of $506.00 million, a P/E ratio of -2.03 and a beta of 1.27. The company’s 50 day moving average is $16.35 and its two-hundred day moving average is $17.73. Crescent Biopharma has a 1 year low of $8.72 and a 1 year high of $27.41.

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

Insider Buying and Selling at Crescent Biopharma

In related news, COO Jonathan McNeill sold 3,839 shares of Crescent Biopharma stock in a transaction on 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 transaction, the chief operating officer directly owned 134,588 shares of the company’s stock, valued at approximately $2,248,965.48. The trade was a 2.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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. Also, CEO Joshua T. Brumm sold 7,837 shares of Crescent Biopharma stock in a transaction on Friday, September 18th. The stock was sold at an average price of $16.71, for a total value of $130,956.27. Following the transaction, the chief executive officer directly owned 271,765 shares of the company’s stock, valued at approximately $4,541,193.15. This represents a 2.80% decrease in their ownership of the stock. 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. Over the last ninety days, insiders have sold 16,726 shares of company stock valued at $285,501. 24.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crescent Biopharma

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Opaleye Management Inc. raised its holdings in Crescent Biopharma by 0.5% during the second quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company’s stock worth $23,748,000 after purchasing an additional 6,736 shares during the last quarter. BlackRock Inc. acquired a new position in Crescent Biopharma during the second quarter worth $22,892,000. Exome Asset Management LLC acquired a new position in Crescent Biopharma during the first quarter worth $2,814,000. Jennison Associates LLC acquired a new position in Crescent Biopharma during the first quarter worth $2,810,000. Finally, Bank of New York Mellon Corp acquired a new position in Crescent Biopharma during the second quarter worth $824,000. 75.19% of the stock is owned by institutional investors and hedge funds.

Crescent Biopharma Company Profile