Crescent Biopharma (NASDAQ:CBIO) Stock Falls 8% – Here’s Why

Crescent Biopharma, Inc. (NASDAQ:CBIO) shares fell 8% during mid-day trading on Wednesday. The company traded as low as $15.19 and last traded at $15.1250. Approximately 37,051 shares were traded during trading, a decline of 87% from the average daily volume of 293,002 shares. The stock had previously closed at $16.44.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. HC Wainwright reiterated a “neutral” rating on shares of Crescent Biopharma in a research report on Thursday, July 16th. Weiss Ratings reaffirmed 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. Finally, Wedbush reaffirmed an “outperform” rating and issued a $27.00 price target on shares of Crescent Biopharma in a report on Monday, September 14th. Two research 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Crescent Biopharma has a consensus rating of “Moderate Buy” and an average price target of $29.60.

Crescent Biopharma Stock Up 0.4%

The firm has a market capitalization of $528.87 million, a P/E ratio of -2.12 and a beta of 1.24. The firm’s 50-day simple moving average is $17.10 and its 200-day simple moving average is $17.58.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, meeting the consensus estimate of ($0.74). As a group, analysts expect that Crescent Biopharma, Inc. will post -2.93 EPS for the current fiscal year.

Insider Transactions at Crescent Biopharma

In related news, COO Jonathan McNeill sold 3,839 shares of the stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $16.71, for a total transaction of $64,149.69. Following the completion of the sale, the chief operating officer directly owned 134,588 shares in the company, valued at $2,248,965.48. This represents a 2.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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. Also, CEO Joshua Brumm sold 7,837 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $16.71, for a total value of $130,956.27. Following the transaction, the chief executive officer owned 271,765 shares in the company, valued at approximately $4,541,193.15. The trade was a 2.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 16,726 shares of company stock valued at $285,501. 24.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crescent Biopharma

Several institutional investors have recently added to or reduced their stakes in CBIO. Opaleye Management Inc. raised its stake in shares of Crescent Biopharma by 0.5% during the second quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company’s stock valued at $23,748,000 after acquiring an additional 6,736 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Crescent Biopharma during the second quarter valued at approximately $435,000. Wellington Management Group LLP purchased a new stake in Crescent Biopharma in the second quarter worth $263,000. Stonepine Capital Management LLC bought a new stake in Crescent Biopharma in the second quarter valued at $720,000. Finally, Bank of America Corp DE bought a new position in Crescent Biopharma in the 2nd quarter worth $465,000. Hedge funds and other 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.