Crescent Biopharma, Inc. (NASDAQ:CBIO) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) have been assigned a consensus recommendation of “Buy” from the nine ratings firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, five have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $28.4286.

A number of equities analysts recently commented on the company. Guggenheim began coverage on Crescent Biopharma in a report on Wednesday, January 21st. They set a “buy” rating and a $35.00 target price for the company. Wall Street Zen lowered shares of Crescent Biopharma from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. Piper Sandler began coverage on shares of Crescent Biopharma in a report on Wednesday, January 28th. They issued an “overweight” 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. Finally, Stifel Nicolaus set a $29.00 price target on shares of Crescent Biopharma in a research report on Thursday.

Insider Buying and Selling

In related news, Director Fairmount Funds Management Llc purchased 1,360,000 shares of Crescent Biopharma stock in a transaction on Thursday, December 4th. The shares were bought at an average price of $13.41 per share, with a total value of $18,237,600.00. Following the transaction, the director directly owned 2,747,866 shares of the company’s stock, valued at approximately $36,848,883.06. This trade represents a 97.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.00% of the stock is owned by insiders.

Institutional Trading of Crescent Biopharma

Large investors have recently made changes to their positions in the company. BVF Inc. IL acquired a new stake in shares of Crescent Biopharma in the 2nd quarter valued at $22,400,000. Affinity Asset Advisors LLC purchased a new position in Crescent Biopharma in the second quarter valued at $4,520,000. Frazier Life Sciences Management L.P. purchased a new position in Crescent Biopharma in the second quarter valued at $7,322,000. Braidwell LP acquired a new stake in Crescent Biopharma in the second quarter valued at $4,221,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Crescent Biopharma during the 2nd quarter worth about $437,000. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Biopharma Stock Performance

NASDAQ:CBIO opened at $12.35 on Friday. Crescent Biopharma has a fifty-two week low of $8.72 and a fifty-two week high of $28.84. The company has a 50 day moving average price of $11.27 and a 200 day moving average price of $12.44. The stock has a market capitalization of $171.54 million, a P/E ratio of -0.58 and a beta of 1.35.

Crescent Biopharma (NASDAQ:CBIO) last released its quarterly earnings results 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 business had revenue of $10.84 million during the quarter. Research analysts forecast that Crescent Biopharma will post -0.16 earnings per share for the current fiscal year.

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.