Crescent Biopharma (NASDAQ:CBIO) Share Price Passes Above Two Hundred Day Moving Average – Time to Sell?

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $15.49 and traded as high as $16.94. Crescent Biopharma shares last traded at $15.11, with a volume of 857,483 shares.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CBIO. Weiss Ratings upgraded shares of Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. HC Wainwright reissued a “neutral” rating on shares of Crescent Biopharma in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.40.

Crescent Biopharma Trading Down 3.6%

The stock has a market cap of $416.43 million, a P/E ratio of -1.38 and a beta of 1.20. The company’s fifty day simple moving average is $18.19 and its 200-day simple moving average is $15.49.

Crescent Biopharma (NASDAQ:CBIO) last posted its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.15. The business had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.36 million. As a group, analysts expect that Crescent Biopharma, Inc. will post -3.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Joshua T. Brumm sold 42,305 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 281,212 shares in the company, valued at $5,059,003.88. This trade represents a 13.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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. Also, COO Jonathan Mcneill sold 20,549 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $369,676.51. Following the completion of the sale, the chief operating officer owned 139,158 shares in the company, valued at $2,503,452.42. This trade represents a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Over the last three months, insiders sold 68,156 shares of company stock valued at $1,226,126. 4.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crescent Biopharma

Institutional investors have recently added to or reduced their stakes in the company. Commodore Capital LP bought 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 in the second quarter valued at approximately $1,629,000. Bank of America Corp DE bought a new position in shares of Crescent Biopharma in the second quarter valued at approximately $149,000. Perceptive Advisors LLC bought a new position in shares of Crescent Biopharma in the second quarter valued at approximately $7,322,000. Finally, Soleus Capital Management L.P. acquired a new position in shares of Crescent Biopharma in the 2nd quarter worth approximately $6,456,000. 75.19% of the stock is owned by 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.