Joshua Brumm Sells 42,305 Shares of Crescent Biopharma (NASDAQ:CBIO) Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) CEO Joshua Brumm sold 42,305 shares of Crescent Biopharma stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total transaction of $761,066.95. Following the transaction, the chief executive officer directly owned 281,212 shares in the company, valued at $5,059,003.88. This represents a 13.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Crescent Biopharma Price Performance

NASDAQ CBIO opened at $17.36 on Thursday. Crescent Biopharma, Inc. has a 1 year low of $8.72 and a 1 year high of $27.41. The firm has a market cap of $478.44 million, a price-to-earnings ratio of -1.59 and a beta of 1.16. The company has a fifty day moving average price of $19.81 and a 200-day moving average price of $15.07.

Crescent Biopharma (NASDAQ:CBIO) last announced its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.85) by $0.15. The firm had revenue of $1.04 million during the quarter, compared to analysts’ expectations of $0.36 million. On average, research analysts anticipate that Crescent Biopharma, Inc. will post -3.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Crescent Biopharma

Several institutional investors have recently added to or reduced their stakes in CBIO. Commodore Capital LP purchased a new stake in Crescent Biopharma during the second quarter worth about $7,322,000. Adage Capital Partners GP L.L.C. bought a new position in shares of Crescent Biopharma during the 2nd quarter valued at approximately $1,629,000. Bank of America Corp DE bought a new position in shares of Crescent Biopharma during the 2nd quarter valued at approximately $149,000. Perceptive Advisors LLC bought a new position in shares of Crescent Biopharma during the 2nd quarter valued at approximately $7,322,000. Finally, Soleus Capital Management L.P. purchased a new stake in shares of Crescent Biopharma during the 2nd quarter worth approximately $6,456,000. Institutional investors own 75.19% of the company’s stock.

Wall Street Analyst Weigh In

CBIO has been the subject of several analyst reports. Stifel Nicolaus set a $29.00 price objective on shares of Crescent Biopharma in a research note on Thursday, February 26th. Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Weiss Ratings raised Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. Finally, HC Wainwright decreased their price target on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

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.