Crescent Biopharma (NASDAQ:CBIO) CFO Richard William Scalzo Sells 1,112 Shares of Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) CFO Richard William Scalzo sold 1,112 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total transaction of $20,004.88. Following the completion of the sale, the chief financial officer owned 20,298 shares in the company, valued at $365,161.02. This represents a 5.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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.

Crescent Biopharma Stock Performance

Shares of CBIO opened at $17.50 on Wednesday. The company has a 50-day simple moving average of $19.82 and a 200-day simple moving average of $15.03. The firm has a market capitalization of $482.30 million, a P/E ratio of -1.60 and a beta of 1.16. Crescent Biopharma, Inc. has a 52 week low of $8.72 and a 52 week high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last released its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.85) by $0.15. The company had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.36 million. As a group, equities analysts forecast that Crescent Biopharma, Inc. will post -3.25 earnings per share for the current year.

Analyst Upgrades and Downgrades

CBIO has been the subject of a number of research reports. Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Weiss Ratings upgraded Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. Stifel Nicolaus set a $29.00 target price on Crescent Biopharma in a research report on Thursday, February 26th. Finally, HC Wainwright reduced their target price on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

Hedge Funds Weigh In On Crescent Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of CBIO. Fcpm Iii Services B.V. acquired a new stake in Crescent Biopharma in the 4th quarter valued at $19,899,000. Vestal Point Capital LP bought a new stake in Crescent Biopharma in the fourth quarter valued at $17,790,000. BVF Inc. IL raised its stake in Crescent Biopharma by 98.1% during the fourth quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock worth $32,600,000 after acquiring an additional 1,360,900 shares in the last quarter. Opaleye Management Inc. acquired a new position in Crescent Biopharma during the fourth quarter worth $13,975,000. Finally, Vanguard Group Inc. bought a new position in shares of Crescent Biopharma during the third quarter valued at $7,822,000. Institutional investors 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-?), with the goal of restoring T-cell activity and reducing tumor fibrosis.