Crescent Biopharma (NASDAQ:CBIO) Shares Climb 5.2% – What’s Next?

Crescent Biopharma, Inc. (NASDAQ:CBIO)’s stock price was up 5.2% during trading on Tuesday. The stock traded as high as $15.62 and last traded at $15.29. 48,835 shares changed hands during trading, a decline of 84% from the average daily volume of 296,451 shares. The stock had previously closed at $14.53.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CBIO. HC Wainwright reissued a “neutral” rating on shares of Crescent Biopharma in a research report on Thursday, July 16th. Wedbush reaffirmed an “outperform” rating and set a $27.00 target price on shares of Crescent Biopharma in a report on Monday, September 14th. TD Cowen upgraded shares of Crescent Biopharma to a “strong-buy” rating in a research report on Monday, August 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Crescent Biopharma in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $29.60.

Crescent Biopharma Stock Performance

The business has a 50 day simple moving average of $17.08 and a 200-day simple moving average of $17.60. The stock has a market capitalization of $533.89 million, a P/E ratio of -2.14 and a beta of 1.24.

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 the consensus estimate of ($0.74). Equities research analysts forecast that Crescent Biopharma, Inc. will post -2.93 EPS for the current fiscal year.

Insider Buying and Selling

In other Crescent Biopharma news, COO Jonathan McNeill sold 3,839 shares of Crescent Biopharma 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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 Brumm sold 7,837 shares of the company’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $16.71, for a total value of $130,956.27. Following the completion of the transaction, the chief executive officer directly owned 271,765 shares in the company, valued at $4,541,193.15. This represents a 2.80% 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 over the last 90 days. 24.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Crescent Biopharma

Institutional investors and hedge funds have recently modified their holdings of the stock. Opaleye Management Inc. lifted its holdings in shares of Crescent Biopharma by 0.5% during the second quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company’s stock valued at $23,748,000 after purchasing an additional 6,736 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Crescent Biopharma during the 2nd quarter worth about $435,000. Wellington Management Group LLP acquired a new stake in Crescent Biopharma during the 2nd quarter worth about $263,000. Stonepine Capital Management LLC acquired a new stake in Crescent Biopharma during the 2nd quarter worth about $720,000. Finally, Bank of America Corp DE purchased a new stake in Crescent Biopharma during the second quarter valued at about $465,000. 75.19% of the stock is owned by institutional investors and hedge funds.

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.