Crescent Biopharma (NASDAQ:CBIO) Research Coverage Started at Guggenheim

Guggenheim began coverage on shares of Crescent Biopharma (NASDAQ:CBIO) in a report released on Wednesday morning, MarketBeat.com reports. The firm issued a buy rating and a $35.00 target price on the biopharmaceutical company’s stock.

CBIO has been the topic of a number of other research reports. Weiss Ratings restated a “sell (e-)” rating on shares of Crescent Biopharma in a report on Monday, December 29th. Wall Street Zen downgraded shares of 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 target price on Crescent Biopharma in a research report on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $27.83.

Crescent Biopharma Stock Down 6.1%

Shares of Crescent Biopharma stock opened at $12.80 on Wednesday. The business has a 50 day moving average of $12.85 and a 200 day moving average of $12.84. Crescent Biopharma has a 52 week low of $9.81 and a 52 week high of $37.00. The company has a market cap of $177.79 million, a PE ratio of -0.60 and a beta of 1.35.

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

Insider Transactions at Crescent Biopharma

In other Crescent Biopharma news, Director Fairmount Funds Management Llc purchased 1,360,000 shares of the stock in a transaction that occurred on Thursday, December 4th. The shares were bought at an average cost of $13.41 per share, with a total value of $18,237,600.00. Following the acquisition, the director owned 2,747,866 shares in the company, valued at approximately $36,848,883.06. This trade represents a 97.99% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Crescent Biopharma

A number of institutional investors have recently added to or reduced their stakes in CBIO. Citadel Advisors LLC bought a new stake in shares of Crescent Biopharma during the third quarter valued at approximately $304,000. Two Sigma Investments LP purchased a new position in Crescent Biopharma during the third quarter valued at $337,000. Jefferies Financial Group Inc. grew its stake in Crescent Biopharma by 279.1% during the third quarter. Jefferies Financial Group Inc. now owns 102,714 shares of the biopharmaceutical company’s stock valued at $1,221,000 after acquiring an additional 75,618 shares in the last quarter. Vanguard Group Inc. bought a new stake in Crescent Biopharma in the 3rd quarter valued at $7,822,000. Finally, Soleus Capital Management L.P. purchased a new stake in Crescent Biopharma in the 2nd quarter worth $6,456,000. 75.19% of the stock is owned by hedge funds and other institutional investors.

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.