Crescent Biopharma, Inc. (NASDAQ:CBIO – Get Free Report)’s stock price traded down 9.9% during mid-day trading on Friday . The company traded as low as $19.45 and last traded at $19.1190. 46,339 shares were traded during mid-day trading, a decline of 80% from the average session volume of 230,139 shares. The stock had previously closed at $21.23.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the company. Weiss Ratings upgraded Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday. HC Wainwright cut their price target on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Piper Sandler assumed coverage on Crescent Biopharma in a report on Wednesday, January 28th. They issued an “overweight” rating and a $35.00 price target on the stock. Guggenheim assumed coverage on Crescent Biopharma in a report on Wednesday, January 21st. They issued a “buy” rating and a $35.00 price target on the stock. Finally, Stifel Nicolaus set a $29.00 price target on Crescent Biopharma in a report on Thursday, February 26th. Three equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $28.00.
Read Our Latest Stock Report on CBIO
Crescent Biopharma Trading Down 10.6%
Crescent Biopharma (NASDAQ:CBIO – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.15. The business had revenue of $1.04 million during the quarter, compared to analyst estimates of $0.36 million. Research analysts predict that Crescent Biopharma, Inc. will post -3.22 earnings per share for the current fiscal year.
Institutional Trading of Crescent Biopharma
A number of institutional investors have recently made changes to their positions in the business. OMERS ADMINISTRATION Corp acquired a new stake in Crescent Biopharma during the 4th quarter worth about $138,000. Bank of America Corp DE acquired a new stake in Crescent Biopharma during the 2nd quarter worth about $149,000. HRT Financial LP acquired a new stake in Crescent Biopharma during the 4th quarter worth about $155,000. Quadrature Capital Ltd acquired a new stake in Crescent Biopharma during the 4th quarter worth about $157,000. Finally, Cannon Global Investment Management LLC acquired a new stake in Crescent Biopharma during the 1st quarter worth about $187,000. Institutional investors and hedge funds own 75.19% of the company’s stock.
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.
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