Crescent Biopharma (NASDAQ:CBIO) Downgraded to Sell Rating by Wall Street Zen

Crescent Biopharma (NASDAQ:CBIO) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

CBIO has been the subject of a number of other reports. Weiss Ratings reiterated a “sell (e-)” rating on shares of Crescent Biopharma in a research report on Monday, December 29th. Guggenheim began coverage on Crescent Biopharma in a research note on Wednesday, January 21st. They issued a “buy” rating and a $35.00 price objective on the stock. Piper Sandler initiated coverage on shares of Crescent Biopharma in a report on Wednesday. They issued an “overweight” rating and a $35.00 target price on the stock. Finally, Stifel Nicolaus set a $32.00 target price on Crescent Biopharma in a research note on Thursday, December 4th. Three equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Crescent Biopharma currently has a consensus rating of “Buy” and a consensus target price of $28.86.

Crescent Biopharma Stock Down 5.5%

Shares of NASDAQ CBIO opened at $9.59 on Friday. Crescent Biopharma has a 52-week low of $9.43 and a 52-week high of $37.00. The firm has a market cap of $133.23 million, a price-to-earnings ratio of -0.45 and a beta of 1.35. The company’s 50-day simple moving average is $12.61 and its 200-day simple moving average is $12.74.

Crescent Biopharma (NASDAQ:CBIO) last announced its earnings results on Thursday, November 6th. The biopharmaceutical company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.01) by ($0.26). Equities research analysts anticipate that Crescent Biopharma will post -0.16 EPS for the current fiscal year.

Insider Transactions at Crescent Biopharma

In other news, Director Fairmount Funds Management Llc acquired 1,360,000 shares of Crescent Biopharma stock in a transaction that occurred on Thursday, December 4th. The stock was purchased at an average price of $13.41 per share, for a total transaction of $18,237,600.00. Following the completion of the transaction, the director directly owned 2,747,866 shares in the company, valued at approximately $36,848,883.06. This trade represents a 97.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crescent Biopharma

Several institutional investors have recently made changes to their positions in CBIO. BVF Inc. IL acquired a new position in Crescent Biopharma during the second quarter worth about $22,400,000. Vanguard Group Inc. purchased a new stake in Crescent Biopharma in the third quarter valued at approximately $7,822,000. Perceptive Advisors LLC acquired a new stake in Crescent Biopharma during the second quarter worth about $7,322,000. Commodore Capital LP purchased a new stake in Crescent Biopharma during the second quarter worth approximately $7,322,000. Finally, Frazier Life Sciences Management L.P. purchased a new stake in shares of Crescent Biopharma in the second quarter worth about $7,322,000. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

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.