Crescent Biopharma (NASDAQ:CBIO) Given New $40.00 Price Target at HC Wainwright

Crescent Biopharma (NASDAQ:CBIO) had its price target upped by equities researchers at HC Wainwright from $36.00 to $40.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright‘s price target indicates a potential upside of 178.36% from the company’s previous close.

A number of other equities analysts have also recently weighed in on CBIO. Wedbush reissued an “outperform” rating and set a $27.00 price objective on shares of Crescent Biopharma in a research report on Monday, September 14th. TD Cowen upgraded shares of Crescent Biopharma to a “strong-buy” rating in a report on Monday, August 24th. UBS Group reaffirmed a “buy” rating and issued a $36.00 target price on shares of Crescent Biopharma in a research report on Monday, October 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Wednesday, November 4th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $33.67.

Crescent Biopharma Stock Performance

Shares of Crescent Biopharma stock opened at $14.37 on Friday. The firm has a market capitalization of $533.70 million, a price-to-earnings ratio of -2.14 and a beta of 1.40. Crescent Biopharma has a fifty-two week low of $8.72 and a fifty-two week high of $27.41. The stock has a 50 day moving average of $14.93 and a 200 day moving average of $15.86.

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

Insider Buying and Selling

In other news, COO Jonathan McNeill sold 3,839 shares of the firm’s stock in a transaction 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 directly owned 134,588 shares in the company, valued at $2,248,965.48. This trade represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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. Also, CEO Joshua T. Brumm sold 7,837 shares of Crescent Biopharma 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 sale, the chief executive officer directly owned 271,765 shares of the company’s stock, valued at $4,541,193.15. The trade was a 2.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last three months, insiders sold 16,726 shares of company stock worth $285,501. 24.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crescent Biopharma

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Crescent Biopharma during the 2nd quarter valued at about $22,892,000. State Street Corp increased its stake in Crescent Biopharma by 33.6% during the third quarter. State Street Corp now owns 843,070 shares of the biopharmaceutical company’s stock worth $12,300,000 after purchasing an additional 211,896 shares during the period. Exome Asset Management LLC purchased a new stake in Crescent Biopharma during the first quarter worth about $2,814,000. Jennison Associates LLC acquired a new stake in shares of Crescent Biopharma during the first quarter worth about $2,810,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Crescent Biopharma during the second quarter worth about $824,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

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.