Crescent Biopharma (NASDAQ:CBIO) Stock Jumps 10.2% – Time to Buy?

Crescent Biopharma, Inc. (NASDAQ:CBIO)’s stock price was up 10.2% during mid-day trading on Tuesday. The stock traded as high as $13.40 and last traded at $13.6240. Approximately 50,417 shares traded hands during trading, a decline of 83% from the average session volume of 300,915 shares. The stock had previously closed at $12.36.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CBIO shares. UBS Group reiterated a “buy” rating and issued a $36.00 price target on shares of Crescent Biopharma in a research report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Crescent Biopharma in a report on Friday, August 7th. HC Wainwright reissued a “buy” rating and set a $36.00 price objective on shares of Crescent Biopharma in a report on Monday. TD Cowen upgraded Crescent Biopharma to a “strong-buy” rating in a research report on Monday, August 24th. Finally, Wedbush reissued an “outperform” rating and set a $27.00 target price on shares of Crescent Biopharma in a research note on Monday, September 14th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $33.00.

Crescent Biopharma Trading Up 8.5%

The stock has a market capitalization of $498.05 million, a price-to-earnings ratio of -2.00 and a beta of 1.27. The firm has a 50-day moving average of $16.35 and a 200-day moving average of $17.73.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.74). On average, equities research analysts anticipate that Crescent Biopharma, Inc. will post -2.93 EPS for the current year.

Insider Activity at Crescent Biopharma

In other Crescent Biopharma news, CEO Joshua T. Brumm sold 7,837 shares of the business’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 transaction, the chief executive officer directly owned 271,765 shares in the company, valued at $4,541,193.15. The trade was a 2.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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. Also, COO Jonathan McNeill sold 3,839 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 $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. This represents a 2.77% decrease in their ownership of the stock. 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 quarter, insiders have sold 16,726 shares of company stock valued at $285,501. 24.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crescent Biopharma

Several hedge funds have recently added to or reduced their stakes in CBIO. Legal & General Group Plc acquired a new position in Crescent Biopharma in the second quarter valued at $38,000. Cannon Global Investment Management LLC acquired a new position in Crescent Biopharma in the 1st quarter valued at about $187,000. Persistent Asset Partners Ltd purchased a new stake in Crescent Biopharma during the 2nd quarter valued at approximately $197,000. Wellington Management Group LLP acquired a new position in shares of Crescent Biopharma in the second quarter valued at approximately $263,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Crescent Biopharma during the second quarter worth $320,000. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Biopharma