Crescent Biopharma (NASDAQ:CBIO) Cut to Sell at Wall Street Zen

Crescent Biopharma (NASDAQ:CBIO) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other research analysts have also weighed in on CBIO. Stifel Nicolaus set a $32.00 price objective on shares of Crescent Biopharma in a research note on Thursday, December 4th. Guggenheim assumed coverage on Crescent Biopharma in a research note on Wednesday, January 21st. They set a “buy” rating and a $35.00 price target for the company. Weiss Ratings reaffirmed a “sell (e-)” rating on shares of Crescent Biopharma in a report on Monday, December 29th. Finally, Piper Sandler assumed coverage on Crescent Biopharma in a research note on Wednesday. They set an “overweight” rating and a $35.00 target price for the company. Three 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $28.86.

Crescent Biopharma Stock Down 5.5%

CBIO stock opened at $9.59 on Friday. The company has a market capitalization of $133.23 million, a P/E ratio of -0.45 and a beta of 1.35. The company has a 50-day simple moving average of $12.61 and a 200 day simple moving average of $12.74. Crescent Biopharma has a fifty-two week low of $9.43 and a fifty-two week high of $37.00.

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

Insider Activity

In related news, Director Fairmount Funds Management Llc bought 1,360,000 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was acquired at an average price of $13.41 per share, for a total transaction of $18,237,600.00. Following the transaction, the director directly owned 2,747,866 shares of the company’s stock, valued at $36,848,883.06. This represents a 97.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Crescent Biopharma

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

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.