Crescent Biopharma (NASDAQ:CBIO) CEO Sells $130,956.27 in Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) CEO Joshua Brumm sold 7,837 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 $130,956.27. Following the sale, the chief executive officer directly owned 271,765 shares in the company, valued at $4,541,193.15. This trade represents a 2.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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.

Crescent Biopharma Trading Up 0.7%

Shares of NASDAQ CBIO traded up $0.12 during mid-day trading on Friday, hitting $16.89. The company had a trading volume of 3,123,507 shares, compared to its average volume of 294,314. The company has a market capitalization of $627.36 million, a PE ratio of -2.51 and a beta of 1.24. The firm has a 50-day simple moving average of $17.12 and a two-hundred day simple moving average of $17.43. Crescent Biopharma, Inc. has a one year low of $8.72 and a one year high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last released its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.74). Sell-side analysts expect that Crescent Biopharma, Inc. will post -2.91 earnings per share for the current fiscal year.

Institutional Trading of Crescent Biopharma

Several institutional investors and hedge funds have recently bought and sold shares of the business. BVF Inc. IL boosted its stake in shares of Crescent Biopharma by 98.1% during the 4th quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock worth $32,600,000 after acquiring an additional 1,360,900 shares during the period. Fcpm Iii Services B.V. bought a new stake in Crescent Biopharma in the 4th quarter valued at $19,899,000. Opaleye Management Inc. raised its stake in Crescent Biopharma by 0.5% in 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 during the period. BlackRock Inc. acquired a new stake in Crescent Biopharma during the 2nd quarter valued at $22,892,000. Finally, NEXTBio Capital Management LP acquired a new stake in Crescent Biopharma during the 4th quarter valued at $4,422,000. Institutional investors own 75.19% of the company’s stock.

Analysts Set New Price Targets

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

About Crescent Biopharma

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.