Crescent Biopharma, Inc. (NASDAQ:CBIO) Receives $28.00 Average Target Price from Brokerages

Crescent Biopharma, Inc. (NASDAQ:CBIO) has been given an average rating of “Buy” by the nine brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, five have assigned a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $28.00.

Several research firms recently issued reports on CBIO. Stifel Nicolaus set a $29.00 target price on Crescent Biopharma in a research note on Thursday, February 26th. Piper Sandler assumed coverage on Crescent Biopharma in a research report on Wednesday, January 28th. They set an “overweight” rating and a $35.00 price target for the company. Guggenheim assumed coverage on Crescent Biopharma in a report on Wednesday, January 21st. They issued a “buy” rating and a $35.00 price objective for the company. HC Wainwright dropped their price objective on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Finally, Weiss Ratings reiterated a “sell (e-)” rating on shares of Crescent Biopharma in a research report on Monday, December 29th.

Institutional Trading of Crescent Biopharma

Several large investors have recently added to or reduced their stakes in CBIO. State Street Corp boosted its stake in shares of Crescent Biopharma by 40.8% during the 4th quarter. State Street Corp now owns 26,217 shares of the biopharmaceutical company’s stock valued at $311,000 after purchasing an additional 7,600 shares in the last quarter. Bank of America Corp DE bought a new position in Crescent Biopharma in the second quarter worth about $149,000. OMERS ADMINISTRATION Corp bought a new position in Crescent Biopharma in the fourth quarter worth about $138,000. HRT Financial LP purchased a new stake in Crescent Biopharma in the fourth quarter worth about $155,000. Finally, Quadrature Capital Ltd purchased a new stake in Crescent Biopharma in the fourth quarter worth about $157,000. Institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Stock Up 14.6%

Shares of CBIO opened at $13.50 on Tuesday. The stock has a market capitalization of $187.52 million, a P/E ratio of -0.95 and a beta of 1.31. The firm has a fifty day simple moving average of $11.19 and a two-hundred day simple moving average of $12.09. Crescent Biopharma has a twelve month low of $8.72 and a twelve month high of $28.77.

Crescent Biopharma (NASDAQ:CBIO) last released its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported ($4.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.22) by ($1.79). The business had revenue of $10.84 million for the quarter. Sell-side analysts expect that Crescent Biopharma will post -0.16 EPS 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.