Crescent Biopharma (NASDAQ:CBIO) Shares Up 9.3% – Still a Buy?

Crescent Biopharma, Inc. (NASDAQ:CBIO) shares shot up 9.3% during mid-day trading on Thursday. The company traded as high as $14.94 and last traded at $14.7550. 131,644 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 299,943 shares. The stock had previously closed at $13.50.

Analyst Upgrades and Downgrades

CBIO has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Crescent Biopharma in a report 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 Monday, September 14th. UBS Group reiterated a “buy” rating and set a $36.00 price objective on shares of Crescent Biopharma in a research note on Monday, October 19th. TD Cowen raised shares of Crescent Biopharma to a “strong-buy” rating in a research note on Monday, August 24th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $36.00 target price on shares of Crescent Biopharma in a research note on Monday, October 19th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $33.00.

Crescent Biopharma Stock Down 4.2%

The business’s 50 day moving average price is $15.62 and its 200-day moving average price is $15.83.

Crescent Biopharma (NASDAQ:CBIO) last issued its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) EPS for the quarter, meeting the consensus estimate of ($0.74). On average, sell-side analysts forecast that Crescent Biopharma, Inc. will post -2.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Joshua Brumm sold 7,837 shares of the company’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 transaction of $130,956.27. Following the transaction, the chief executive officer directly owned 271,765 shares of the company’s stock, valued at $4,541,193.15. This represents a 2.80% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, COO Jonathan McNeill sold 3,839 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The shares were 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 owned 134,588 shares in the company, valued at approximately $2,248,965.48. The trade was a 2.77% 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 16,726 shares of company stock valued at $285,501 in the last three months. 24.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Crescent Biopharma

A number of institutional investors have recently added to or reduced their stakes in CBIO. Stonepine Capital Management LLC purchased a new stake in shares of Crescent Biopharma during the second quarter valued at approximately $720,000. Jennison Associates LLC purchased a new stake in shares of Crescent Biopharma during the first quarter valued at $2,810,000. Exome Asset Management LLC bought a new position in Crescent Biopharma during the 1st quarter valued at about $2,814,000. BlackRock Inc. bought a new stake in shares of Crescent Biopharma in the second quarter worth approximately $22,892,000. Finally, Bank of New York Mellon Corp purchased a new stake in Crescent Biopharma in the second quarter worth approximately $824,000. Institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Company Profile

Crescent Biopharma, Inc operates as a biopharmaceutical company that develops and designs small molecule therapeutics to treat cancers. The company was founded on September 19, 2024 and is headquartered in Waltham, MA.