HC Wainwright Issues Pessimistic Forecast for Crescent Biopharma (NASDAQ:CBIO) Stock Price

Crescent Biopharma (NASDAQ:CBIO) had its price target lowered by equities research analysts at HC Wainwright from $25.00 to $22.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price objective points to a potential upside of 96.60% from the company’s current price.

Other analysts have also recently issued reports about the company. Wall Street Zen cut Crescent Biopharma from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. Guggenheim assumed coverage on shares of Crescent Biopharma in a report on Wednesday, January 21st. They set a “buy” rating and a $35.00 price objective for the company. Weiss Ratings reiterated a “sell (e-)” rating on shares of Crescent Biopharma in a report on Monday, December 29th. Stifel Nicolaus set a $29.00 price target on shares of Crescent Biopharma in a report on Thursday, February 26th. Finally, Piper Sandler started coverage on Crescent Biopharma in a research note on Wednesday, January 28th. They set an “overweight” rating and a $35.00 price objective on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Crescent Biopharma has an average rating of “Buy” and an average price target of $28.00.

Crescent Biopharma Stock Down 0.1%

CBIO stock opened at $11.19 on Monday. Crescent Biopharma has a twelve month low of $8.72 and a twelve month high of $28.77. The company has a market cap of $155.43 million, a P/E ratio of -0.79 and a beta of 1.31. The business’s fifty day moving average is $11.23 and its 200-day moving average is $12.38.

Crescent Biopharma (NASDAQ:CBIO) last released its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($4.01) EPS for the quarter, missing analysts’ consensus estimates of ($2.22) by ($1.79). The company had revenue of $10.84 million during the quarter. Research analysts anticipate that Crescent Biopharma will post -0.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Fairmount Funds Management Llc acquired 1,360,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.70% of the company’s stock.

Institutional Trading of Crescent Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of the company. BVF Inc. IL acquired a new position in Crescent Biopharma during the 2nd quarter worth approximately $22,400,000. Affinity Asset Advisors LLC bought a new stake in shares of Crescent Biopharma in the second quarter worth $4,520,000. Frazier Life Sciences Management L.P. acquired a new position in Crescent Biopharma during the second quarter worth $7,322,000. Braidwell LP acquired a new position in Crescent Biopharma during the second quarter worth $4,221,000. Finally, Jefferies Financial Group Inc. bought a new position in Crescent Biopharma in the second quarter valued at $437,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

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.