HC Wainwright Reaffirms Buy Rating for Crescent Biopharma (NASDAQ:CBIO)

Crescent Biopharma (NASDAQ:CBIO)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research report issued on Monday, Marketbeat.com reports. They currently have a $36.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price target points to a potential upside of 188.12% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Wedbush reissued an “outperform” rating and set a $27.00 target price on shares of Crescent Biopharma in a research note on Monday, September 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. Finally, TD Cowen upgraded shares of Crescent Biopharma to a “strong-buy” rating in a report on Monday, August 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Crescent Biopharma presently has a consensus rating of “Buy” and a consensus price target of $33.00.

Crescent Biopharma Stock Performance

Shares of NASDAQ:CBIO opened at $12.50 on Monday. The firm has a market cap of $464.06 million, a PE ratio of -1.85 and a beta of 1.27. The firm’s fifty day moving average is $16.35 and its 200-day moving average is $17.73. Crescent Biopharma has a 52 week low of $8.72 and a 52 week high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last issued its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) EPS for the quarter, hitting analysts’ consensus estimates of ($0.74). Sell-side analysts forecast that Crescent Biopharma will post -2.93 EPS for the current year.

Insider Activity

In related news, CEO Joshua Brumm sold 7,837 shares of the business’s stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $16.71, for a total transaction of $130,956.27. Following the transaction, the chief executive officer directly owned 271,765 shares in the company, valued at approximately $4,541,193.15. The trade was a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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, COO Jonathan McNeill sold 3,839 shares of the business’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 transaction, the chief operating officer owned 134,588 shares in the company, valued at approximately $2,248,965.48. This trade represents a 2.77% 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 90 days, insiders have sold 16,726 shares of company stock worth $285,501. 24.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Opaleye Management Inc. boosted its stake in Crescent Biopharma by 0.5% in the second quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company’s stock valued at $23,748,000 after acquiring an additional 6,736 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Crescent Biopharma in the second quarter valued at about $435,000. Wellington Management Group LLP purchased a new position in Crescent Biopharma in the second quarter valued at about $263,000. Stonepine Capital Management LLC purchased a new position in Crescent Biopharma in the second quarter valued at about $720,000. Finally, Bank of America Corp DE purchased a new position in Crescent Biopharma in the second quarter valued at about $465,000. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Biopharma