Crescent Biopharma, Inc. (NASDAQ:CBIO) Receives Average Recommendation of “Buy” from Analysts

Crescent Biopharma, Inc. (NASDAQ:CBIO) has received a consensus rating of “Buy” from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $26.40.

CBIO has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e-)” rating on shares of Crescent Biopharma in a report on Monday, December 29th. Wall Street Zen lowered Crescent Biopharma from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Finally, Stifel Nicolaus set a $32.00 price target on Crescent Biopharma in a report on Thursday, December 4th.

Insider Activity

In related news, Director Fairmount Funds Management Llc bought 1,360,000 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were purchased at an average cost of $13.41 per share, with a total value of $18,237,600.00. Following the transaction, 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 document filed with the SEC, which can be accessed through the SEC website. Insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Crescent Biopharma

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

Crescent Biopharma Trading Down 1.2%

Shares of NASDAQ:CBIO opened at $10.94 on Thursday. Crescent Biopharma has a 52 week low of $9.81 and a 52 week high of $37.00. The company’s 50 day moving average is $12.93 and its two-hundred day moving average is $13.12. The company has a market cap of $151.96 million, a PE ratio of -0.52 and a beta of 1.35.

Crescent Biopharma (NASDAQ:CBIO) last issued its earnings results on Thursday, November 6th. The biopharmaceutical company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.26). As a group, equities research analysts expect that Crescent Biopharma will post -0.16 EPS for the current year.

About Crescent Biopharma

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.