Crescent Biopharma, Inc. (NASDAQ:CBIO – Get Free Report)’s share price was down 5.6% on Wednesday . The stock traded as low as $17.99 and last traded at $17.7380. Approximately 238,361 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 273,835 shares. The stock had previously closed at $18.80.
Analyst Ratings Changes
A number of research firms have issued reports on CBIO. Weiss Ratings reissued a “sell (d-)” rating on shares of Crescent Biopharma in a report on Friday, August 7th. TD Cowen raised shares of Crescent Biopharma to a “strong-buy” rating in a report on Monday, August 24th. HC Wainwright reiterated a “neutral” rating on shares of Crescent Biopharma in a research report on Thursday, July 16th. Finally, Wedbush reiterated an “outperform” rating and issued a $27.00 price target on shares of Crescent Biopharma in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Crescent Biopharma presently has a consensus rating of “Moderate Buy” and an average target price of $29.60.
Read Our Latest Analysis on CBIO
Crescent Biopharma Trading Down 2.4%
Crescent Biopharma (NASDAQ:CBIO – Get Free Report) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.74). Equities research analysts forecast that Crescent Biopharma, Inc. will post -2.91 EPS for the current year.
Insider Activity at Crescent Biopharma
In related news, CEO Joshua T. Brumm sold 42,305 shares of the stock in a transaction that occurred 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. This represents a 13.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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, COO Jonathan McNeill sold 20,549 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $369,676.51. Following the completion of the sale, the chief operating officer owned 139,158 shares in the company, valued at $2,503,452.42. This represents a 12.87% decrease in their position. 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. Insiders have sold a total of 68,156 shares of company stock worth $1,226,126 over the last ninety days. 24.84% of the stock is currently owned by insiders.
Institutional Trading of Crescent Biopharma
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc bought a new position in shares of Crescent Biopharma in the 2nd quarter valued at $38,000. Cannon Global Investment Management LLC acquired a new stake in shares of Crescent Biopharma during the 1st quarter valued at $187,000. Persistent Asset Partners Ltd bought a new stake in Crescent Biopharma during the 2nd quarter worth $197,000. Wellington Management Group LLP bought a new stake in Crescent Biopharma during the 2nd quarter worth $263,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Crescent Biopharma in the 2nd quarter worth about $320,000. Institutional investors own 75.19% of the company’s stock.
About Crescent Biopharma
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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