Insider Selling: Crescent Biopharma (NASDAQ:CBIO) Insider Sells $23,171.12 in Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) insider Jan Pinkas sold 1,288 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $23,171.12. Following the transaction, the insider owned 22,239 shares in the company, valued at $400,079.61. This represents a 5.47% decrease in their position. The transaction was disclosed in a filing 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.

Crescent Biopharma Stock Performance

Shares of NASDAQ CBIO opened at $16.99 on Friday. The business’s 50-day simple moving average is $19.76 and its 200-day simple moving average is $15.09. Crescent Biopharma, Inc. has a 52 week low of $8.72 and a 52 week high of $27.41. The firm has a market cap of $468.24 million, a price-to-earnings ratio of -1.56 and a beta of 1.16.

Crescent Biopharma (NASDAQ:CBIO) last announced its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) EPS for the quarter, topping the consensus estimate of ($0.85) by $0.15. The firm had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.36 million. As a group, equities research analysts forecast that Crescent Biopharma, Inc. will post -3.25 earnings per share for the current year.

Institutional Trading of Crescent Biopharma

Several hedge funds have recently modified their holdings of CBIO. OMERS ADMINISTRATION Corp acquired a new position in shares of Crescent Biopharma in the 4th quarter worth approximately $138,000. Bank of America Corp DE acquired a new stake in Crescent Biopharma during the 2nd quarter valued at $149,000. HRT Financial LP bought a new position in Crescent Biopharma in the 4th quarter valued at $155,000. Quadrature Capital Ltd acquired a new position in Crescent Biopharma in the fourth quarter worth $157,000. Finally, Cannon Global Investment Management LLC bought a new stake in shares of Crescent Biopharma during the first quarter worth $187,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CBIO. HC Wainwright lowered their target price on shares of Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Stifel Nicolaus set a $29.00 price objective on Crescent Biopharma in a report on Thursday, February 26th. Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Weiss Ratings raised Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.