Piper Sandler Has Lowered Expectations for Crescent Biopharma (NASDAQ:CBIO) Stock Price

Crescent Biopharma (NASDAQ:CBIO) had its price target reduced by Piper Sandler from $35.00 to $32.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. Piper Sandler‘s price target points to a potential upside of 127.50% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. TD Cowen upgraded Crescent Biopharma to a “strong-buy” rating in a research note on Monday, August 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Wednesday, November 4th. HC Wainwright raised their price objective on Crescent Biopharma from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Friday. UBS Group restated a “buy” rating and set a $36.00 price objective on shares of Crescent Biopharma in a report on Monday, October 19th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $27.00 target price on shares of Crescent Biopharma in a research report on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Crescent Biopharma currently has a consensus rating of “Moderate Buy” and an average price target of $33.17.

Crescent Biopharma Price Performance

Crescent Biopharma stock traded down $0.30 during midday trading on Friday, hitting $14.07. 92,405 shares of the stock were exchanged, compared to its average volume of 294,951. Crescent Biopharma has a 1 year low of $8.72 and a 1 year high of $27.41. The firm has a market cap of $522.41 million, a P/E ratio of -2.10 and a beta of 1.40. The company has a 50 day moving average price of $14.93 and a two-hundred day moving average price of $15.86.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings data on Thursday, November 12th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.20). The business had revenue of $3.12 million for the quarter, compared to the consensus estimate of $0.62 million. As a group, analysts predict that Crescent Biopharma will post -2.93 EPS for the current year.

Insider Buying and Selling at Crescent Biopharma

In other news, CEO Joshua T. Brumm sold 7,837 shares of the company’s stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $16.71, for a total value of $130,956.27. Following the sale, the chief executive officer owned 271,765 shares in the company, valued at approximately $4,541,193.15. This represents a 2.80% decrease in their position. The sale was disclosed in a document filed 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, COO Jonathan McNeill sold 3,839 shares of the 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 directly owned 134,588 shares in the company, valued at $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. Over the last three months, insiders have sold 16,726 shares of company stock valued at $285,501. 24.84% of the stock is owned by company insiders.

Institutional Trading of Crescent Biopharma

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp grew its position in shares of Crescent Biopharma by 33.6% in the 3rd quarter. State Street Corp now owns 843,070 shares of the biopharmaceutical company’s stock worth $12,300,000 after acquiring an additional 211,896 shares in the last quarter. ACT Capital Partners L.P. acquired a new stake in shares of Crescent Biopharma during the 3rd quarter valued at approximately $168,000. Simplex Trading LLC acquired a new stake in shares of Crescent Biopharma during the 3rd quarter valued at approximately $50,000. Opaleye Management Inc. raised its position 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 valued at $23,748,000 after acquiring an additional 6,736 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new position in Crescent Biopharma during the second quarter worth $435,000. 75.19% of the stock is owned by institutional investors.

Crescent Biopharma Company Profile

Crescent Biopharma is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on antibody-based treatments, including therapies designed to target tumor cells and support the body’s immune response. The company’s work is directed toward advancing oncology drug candidates through clinical development. Its pipeline and programs may change as research progresses, and its products are investigational rather than established treatments. Crescent Biopharma is focused on developing its therapies for cancer patients; detailed information about its geographic operations and leadership is not included here.