Brokerages Set Crescent Biopharma, Inc. (NASDAQ:CBIO) PT at $29.60

Crescent Biopharma, Inc. (NASDAQ:CBIO) has been given a consensus recommendation of “Moderate Buy” by the six brokerages that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $29.60.

A number of equities analysts have recently weighed in on CBIO shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. HC Wainwright reiterated a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. Wedbush reissued an “outperform” rating and set a $27.00 price objective on shares of Crescent Biopharma in a report on Monday, September 14th. Finally, TD Cowen upgraded shares of Crescent Biopharma to a “strong-buy” rating in a research report on Monday, August 24th.

Insider Activity at Crescent Biopharma

In related news, COO Jonathan McNeill sold 3,839 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $16.71, for a total value 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 $2,248,965.48. This trade represents a 2.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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, 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. Insiders have sold a total of 16,726 shares of company stock worth $285,501 in the last three months. Corporate insiders own 24.84% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Opaleye Management Inc. raised its stake in shares of Crescent Biopharma by 0.5% during the 2nd quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company’s stock worth $23,748,000 after buying an additional 6,736 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Crescent Biopharma in the 2nd quarter valued at about $435,000. Wellington Management Group LLP purchased a new position in Crescent Biopharma during the 2nd quarter valued at about $263,000. Stonepine Capital Management LLC purchased a new position in Crescent Biopharma during the 2nd quarter valued at about $720,000. Finally, Bank of America Corp DE acquired a new position in Crescent Biopharma during the second quarter worth about $465,000. Hedge funds and other institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Trading Down 3.8%

Shares of CBIO stock opened at $16.25 on Tuesday. The stock has a 50 day simple moving average of $17.13 and a 200-day simple moving average of $17.51. The company has a market cap of $603.52 million, a price-to-earnings ratio of -2.42 and a beta of 1.24. Crescent Biopharma has a 12-month low of $8.72 and a 12-month high of $27.41.

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, meeting analysts’ consensus estimates of ($0.74). On average, equities analysts forecast that Crescent Biopharma will post -2.91 earnings per share for the current fiscal year.

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.