Brokerages Set Crescent Biopharma, Inc. (NASDAQ:CBIO) Target Price at $29.40

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) have earned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $29.60.

Several analysts have commented on CBIO shares. HC Wainwright reaffirmed a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. Wedbush restated an “outperform” rating and set a $27.00 price objective on shares of Crescent Biopharma in a report on Thursday. Finally, TD Cowen raised Crescent Biopharma to a “strong-buy” rating in a research report on Monday.

Crescent Biopharma Price Performance

Crescent Biopharma stock opened at $17.76 on Friday. Crescent Biopharma has a 12-month low of $8.72 and a 12-month high of $27.41. The stock has a market capitalization of $659.61 million, a P/E ratio of -2.64 and a beta of 1.23. The firm’s 50-day moving average is $16.64 and its two-hundred day moving average is $16.54.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.74). As a group, analysts forecast that Crescent Biopharma will post -2.91 EPS for the current year.

Insider Activity

In other Crescent Biopharma news, COO Jonathan Mcneill sold 20,549 shares of Crescent Biopharma stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $17.99, for a total value 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. The trade was a 12.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 42,305 shares of the company’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 transaction, the chief executive officer directly owned 281,212 shares of the company’s stock, valued at approximately $5,059,003.88. This represents a 13.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 68,156 shares of company stock worth $1,226,126 over the last quarter. 24.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Crescent Biopharma

Several hedge funds have recently modified their holdings of the stock. Jennison Associates LLC acquired a new position in Crescent Biopharma during the first quarter worth approximately $2,810,000. Exome Asset Management LLC acquired a new position in shares of Crescent Biopharma in the 1st quarter valued at $2,814,000. Fcpm Iii Services B.V. purchased a new stake in shares of Crescent Biopharma during the 4th quarter valued at $19,899,000. NEXTBio Capital Management LP purchased a new stake in shares of Crescent Biopharma during the 4th quarter valued at $4,422,000. Finally, BVF Inc. IL increased its holdings in shares of Crescent Biopharma by 98.1% during the 4th quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock worth $32,600,000 after buying an additional 1,360,900 shares during the last quarter. 75.19% of the stock is owned by institutional investors and hedge funds.

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.