Jennison Associates LLC Invests $2.81 Million in Crescent Biopharma, Inc. $CBIO

Jennison Associates LLC bought a new stake in Crescent Biopharma, Inc. (NASDAQ:CBIO) during the first quarter, according to its most recent filing with the SEC. The firm bought 152,974 shares of the biopharmaceutical company’s stock, valued at approximately $2,810,000. Jennison Associates LLC owned about 0.56% of Crescent Biopharma at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CBIO. Fcpm Iii Services B.V. acquired a new position in Crescent Biopharma during the 4th quarter worth $19,899,000. Vestal Point Capital LP acquired a new stake in shares of Crescent Biopharma in the fourth quarter valued at about $17,790,000. BVF Inc. IL increased its stake in shares of Crescent Biopharma by 98.1% in the fourth quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock worth $32,600,000 after purchasing an additional 1,360,900 shares during the period. Opaleye Management Inc. bought a new position in shares of Crescent Biopharma in the fourth quarter worth about $13,975,000. Finally, Vanguard Group Inc. acquired a new position in shares of Crescent Biopharma during the 3rd quarter worth about $7,822,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Crescent Biopharma Price Performance

Shares of CBIO stock opened at $16.64 on Wednesday. Crescent Biopharma, Inc. has a one year low of $8.72 and a one year high of $27.41. The stock has a fifty day moving average price of $18.00 and a 200 day moving average price of $15.57. The stock has a market cap of $458.55 million, a P/E ratio of -1.53 and a beta of 1.20.

Crescent Biopharma (NASDAQ:CBIO) last announced its quarterly earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.85) by $0.15. The business had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.36 million. Equities research analysts anticipate that Crescent Biopharma, Inc. will post -3.17 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CBIO shares. HC Wainwright restated a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. Weiss Ratings raised Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.40.

Insider Transactions at Crescent Biopharma

In related news, CEO Joshua T. Brumm sold 42,305 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $761,066.95. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available 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, COO Jonathan Mcneill sold 20,549 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $17.99, for a total transaction of $369,676.51. Following the transaction, the chief operating officer owned 139,158 shares of the company’s stock, valued at approximately $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. In the last three months, insiders sold 68,156 shares of company stock worth $1,226,126. 24.84% of the stock is currently owned by insiders.

Crescent Biopharma Profile

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.