Crescent Biopharma, Inc. (NASDAQ:CBIO) Given Average Recommendation of “Buy” by Brokerages

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) have been given a consensus rating of “Buy” by the nine brokerages that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $28.4286.

CBIO has been the subject of a number of research reports. Piper Sandler initiated coverage on shares of Crescent Biopharma in a research report on Wednesday, January 28th. They issued an “overweight” rating and a $35.00 price target for the company. Guggenheim initiated coverage on Crescent Biopharma in a research report on Wednesday, January 21st. They set a “buy” rating and a $35.00 target price on the stock. Wall Street Zen downgraded Crescent Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, January 31st. Weiss Ratings reissued a “sell (e-)” rating on shares of Crescent Biopharma in a research report on Monday, December 29th. Finally, Stifel Nicolaus set a $29.00 price target on Crescent Biopharma in a research report on Thursday.

Crescent Biopharma Stock Down 1.1%

Shares of Crescent Biopharma stock opened at $12.35 on Friday. Crescent Biopharma has a 52 week low of $8.72 and a 52 week high of $28.84. The firm’s 50 day moving average is $11.27 and its two-hundred day moving average is $12.44. The firm has a market capitalization of $171.54 million, a P/E ratio of -0.58 and a beta of 1.35.

Crescent Biopharma (NASDAQ:CBIO) last issued its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($4.01) earnings per share for the quarter, missing the consensus estimate of ($2.22) by ($1.79). The firm had revenue of $10.84 million for the quarter. As a group, research analysts expect that Crescent Biopharma will post -0.16 earnings per share for the current fiscal year.

Insider Activity at Crescent Biopharma

In other Crescent Biopharma news, Director Fairmount Funds Management Llc bought 1,360,000 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were acquired at an average cost of $13.41 per share, with a total value of $18,237,600.00. Following the acquisition, the director directly owned 2,747,866 shares of the company’s stock, valued at $36,848,883.06. The trade was a 97.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 4.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CBIO. OMERS ADMINISTRATION Corp purchased a new stake in shares of Crescent Biopharma in the fourth quarter valued at about $138,000. Bank of America Corp DE purchased a new stake in Crescent Biopharma during the 2nd quarter valued at approximately $149,000. HRT Financial LP purchased a new stake in Crescent Biopharma during the 4th quarter valued at approximately $155,000. Quadrature Capital Ltd acquired a new stake in Crescent Biopharma during the 4th quarter worth approximately $157,000. Finally, Jane Street Group LLC purchased a new position in shares of Crescent Biopharma in the 4th quarter valued at approximately $272,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

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.