Crescent Biopharma (NASDAQ:CBIO) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Crescent Biopharma, Inc. (NASDAQ:CBIO)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.00 and traded as high as $12.68. Crescent Biopharma shares last traded at $12.45, with a volume of 45,405 shares traded.

Wall Street Analysts Forecast Growth

CBIO has been the subject of a number of recent analyst reports. Stifel Nicolaus set a $32.00 price objective on shares of Crescent Biopharma in a research note on Thursday, December 4th. Weiss Ratings reaffirmed a “sell (e-)” rating on shares of Crescent Biopharma in a research report on Monday, December 15th. HC Wainwright reiterated a “buy” rating and set a $25.00 price target on shares of Crescent Biopharma in a report on Wednesday, August 27th. Jefferies Financial Group assumed coverage on Crescent Biopharma in a research note on Monday, August 25th. They issued a “buy” rating and a $26.00 price objective for the company. Finally, Wall Street Zen lowered Crescent Biopharma from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Crescent Biopharma presently has a consensus rating of “Buy” and a consensus price target of $26.40.

Crescent Biopharma Stock Up 5.1%

The stock has a market cap of $172.93 million, a price-to-earnings ratio of -0.59 and a beta of 1.32. The firm has a fifty day simple moving average of $13.07.

Crescent Biopharma (NASDAQ:CBIO) last issued its earnings results on Thursday, November 6th. The biopharmaceutical company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.26). On average, equities research analysts expect that Crescent Biopharma, Inc. will post -0.16 EPS for the current fiscal year.

Insider Activity at Crescent Biopharma

In other news, Director Fairmount Funds Management Llc acquired 1,360,000 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were purchased at an average price of $13.41 per share, for a total transaction of $18,237,600.00. Following the completion of the acquisition, the director owned 2,747,866 shares of the company’s stock, valued at approximately $36,848,883.06. This represents a 97.99% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 8.70% of the company’s stock.

Institutional Trading of Crescent Biopharma

A number of institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE acquired a new position in shares of Crescent Biopharma during the 2nd quarter worth $149,000. Citadel Advisors LLC bought a new stake in Crescent Biopharma in the third quarter worth $304,000. Jefferies Financial Group Inc. acquired a new position in Crescent Biopharma during the second quarter worth $437,000. Two Sigma Investments LP bought a new position in Crescent Biopharma during the third quarter valued at about $337,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Crescent Biopharma in the second quarter worth about $1,629,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

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.