Brokerages Set Crescent Biopharma, Inc. (NASDAQ:CBIO) Price Target at $26.40

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) have been assigned an average rating of “Buy” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $26.40.

Several research firms recently weighed in on CBIO. Wall Street Zen downgraded Crescent Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, December 6th. Weiss Ratings reissued a “sell (e-)” rating on shares of Crescent Biopharma in a research report on Monday, December 29th. Finally, Stifel Nicolaus set a $32.00 price target on shares of Crescent Biopharma in a report on Thursday, December 4th.

Crescent Biopharma Stock Down 1.6%

Shares of NASDAQ:CBIO opened at $10.79 on Thursday. The business’s 50 day moving average is $12.86 and its 200 day moving average is $13.06. The stock has a market cap of $149.87 million, a P/E ratio of -0.51 and a beta of 1.35. Crescent Biopharma has a 52-week low of $9.81 and a 52-week high of $37.00.

Crescent Biopharma (NASDAQ:CBIO) last issued its earnings results on Thursday, November 6th. The biopharmaceutical company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.26). On average, sell-side analysts anticipate that Crescent Biopharma will post -0.16 EPS for the current fiscal year.

Insider Transactions at Crescent Biopharma

In other Crescent Biopharma news, Director Fairmount Funds Management Llc acquired 1,360,000 shares of Crescent Biopharma stock in a transaction that occurred on Thursday, December 4th. The stock was bought at an average price of $13.41 per share, with a total value of $18,237,600.00. Following the completion of the purchase, the director directly owned 2,747,866 shares of the company’s stock, valued at approximately $36,848,883.06. This represents a 97.99% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.00% of the stock is currently owned by insiders.

Institutional Trading of Crescent Biopharma

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE purchased a new stake in shares of Crescent Biopharma during the second quarter worth about $149,000. Citadel Advisors LLC purchased a new position in shares of Crescent Biopharma in the 3rd quarter valued at approximately $304,000. Two Sigma Investments LP acquired a new stake in Crescent Biopharma in the 3rd quarter worth approximately $337,000. Jefferies Financial Group Inc. purchased a new stake in Crescent Biopharma during the 2nd quarter worth approximately $437,000. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in Crescent Biopharma during the 2nd quarter worth approximately $1,629,000. Institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Company Profile

Crescent Biopharma, Inc (NASDAQ: CBIO) is a clinical‐stage immuno‐oncology company focused on the discovery, development and commercialization of novel therapies for patients with solid tumors. The company’s research strategy centers on combination approaches that enhance anti‐tumor immune responses by simultaneously targeting multiple pathways implicated in immune evasion and tumor growth.

The company’s lead candidate, CPB-201, is a bifunctional fusion protein designed to block programmed death-ligand 1 (PD-L1) while neutralizing transforming growth factor-beta (TGF-β), with the goal of restoring T-cell activity and reducing tumor fibrosis.