Wedbush reaffirmed their outperform rating on shares of Crescent Biopharma (NASDAQ:CBIO – Free Report) in a report issued on Monday,Benzinga reports. The brokerage currently has a $27.00 price target on the biopharmaceutical company’s stock.
Several other brokerages also recently weighed in on CBIO. HC Wainwright restated a “neutral” rating on shares of Crescent Biopharma in a research report on Thursday, July 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crescent Biopharma in a research report on Friday, August 7th. Finally, TD Cowen raised Crescent Biopharma to a “strong-buy” rating in a research note on Monday, August 24th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Crescent Biopharma currently has a consensus rating of “Moderate Buy” and an average price target of $29.60.
Read Our Latest Stock Analysis on Crescent Biopharma
Crescent Biopharma Price Performance
Crescent Biopharma (NASDAQ:CBIO – Get Free Report) last released its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, hitting the consensus estimate of ($0.74). As a group, analysts anticipate that Crescent Biopharma will post -2.91 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, COO Jonathan McNeill sold 20,549 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total value of $369,676.51. Following the completion of the transaction, the chief operating officer directly owned 139,158 shares in the company, valued at approximately $2,503,452.42. This represents a 12.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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, CEO Joshua T. Brumm sold 42,305 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $761,066.95. Following the completion of the transaction, the chief executive officer owned 281,212 shares of the company’s stock, valued at $5,059,003.88. The trade was a 13.08% 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. In the last ninety days, insiders have sold 68,156 shares of company stock worth $1,226,126. Insiders own 24.84% of the company’s stock.
Hedge Funds Weigh In On Crescent Biopharma
A number of institutional investors and hedge funds have recently bought and sold shares of CBIO. BVF Inc. IL raised its position in Crescent Biopharma by 98.1% in the fourth quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock valued at $32,600,000 after purchasing an additional 1,360,900 shares during the last quarter. Opaleye Management Inc. increased its stake in shares of Crescent Biopharma by 0.5% in the second quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company’s stock valued at $23,748,000 after buying an additional 6,736 shares during the period. BlackRock Inc. bought a new position in Crescent Biopharma in the 2nd quarter valued at approximately $22,892,000. Fcpm Iii Services B.V. bought a new position in Crescent Biopharma in the 4th quarter valued at approximately $19,899,000. Finally, NEXTBio Capital Management LP acquired a new stake in Crescent Biopharma during the 4th quarter worth approximately $4,422,000. Institutional investors and hedge funds own 75.19% of the company’s stock.
Crescent Biopharma Company Profile
Crescent Biopharma, Inc (NASDAQ: CBIO) is a biopharmaceutical company focused on discovering and developing innovative therapies for the treatment of serious diseases. The company’s activities center on research, preclinical development and clinical evaluation of investigational drug candidates.
Crescent Biopharma does not appear to have commercially marketed products. Its pipeline consists of experimental therapies intended to address significant unmet medical needs, although detailed information about specific candidates, therapeutic areas and development stages may be limited in publicly available sources.
The company is headquartered in the United States and serves the biopharmaceutical market through its drug-development programs and potential future partnerships.
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