Crescent Biopharma, Inc. (NASDAQ:CBIO) Stock Now Rated “Buy” by Sell-Side Analysts

Crescent Biopharma, Inc. (NASDAQ:CBIO) has earned an average rating of “Buy” from the seven research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $33.00.

A number of research analysts have commented on the stock. UBS Group reiterated a “buy” rating and set a $36.00 price objective on shares of Crescent Biopharma in a research note on Monday, October 19th. TD Cowen raised shares of Crescent Biopharma to a “strong-buy” rating in a research report on Monday, August 24th. HC Wainwright restated a “buy” rating and issued a $36.00 target price on shares of Crescent Biopharma in a research note on Monday, October 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Wednesday, November 4th. Finally, Wedbush restated an “outperform” rating and set a $27.00 price objective on shares of Crescent Biopharma in a research note on Monday, September 14th.

Insider Activity at Crescent Biopharma

In other news, COO Jonathan McNeill sold 3,839 shares of the business’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 $64,149.69. Following the completion of the sale, the chief operating officer directly owned 134,588 shares in the company, valued at approximately $2,248,965.48. The trade was a 2.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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, CEO Joshua Brumm sold 7,837 shares of the business’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $16.71, for a total value of $130,956.27. Following the completion of the sale, the chief executive officer owned 271,765 shares of the company’s stock, valued at $4,541,193.15. This trade represents 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 quarter, insiders sold 16,726 shares of company stock valued at $285,501. Insiders own 24.84% of the company’s stock.

Institutional Trading of Crescent Biopharma

Several institutional investors have recently added to or reduced their stakes in the business. Opaleye Management Inc. raised its holdings 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 worth $23,748,000 after purchasing an additional 6,736 shares during the period. BlackRock Inc. bought a new position in shares of Crescent Biopharma in the 2nd quarter worth about $22,892,000. Exome Asset Management LLC bought a new position in shares of Crescent Biopharma in the 1st quarter worth about $2,814,000. Jennison Associates LLC acquired a new position in shares of Crescent Biopharma in the 1st quarter valued at about $2,810,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Crescent Biopharma in the 2nd quarter valued at about $824,000. Institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Trading Up 2.0%

CBIO stock opened at $13.92 on Wednesday. Crescent Biopharma has a twelve month low of $8.72 and a twelve month high of $27.41. The company has a market capitalization of $516.99 million, a P/E ratio of -2.07 and a beta of 1.40. The firm has a 50 day simple moving average of $15.07 and a 200-day simple moving average of $15.84.

Crescent Biopharma Company Profile

Crescent Biopharma is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on antibody-based treatments, including therapies designed to target tumor cells and support the body’s immune response. The company’s work is directed toward advancing oncology drug candidates through clinical development. Its pipeline and programs may change as research progresses, and its products are investigational rather than established treatments. Crescent Biopharma is focused on developing its therapies for cancer patients; detailed information about its geographic operations and leadership is not included here.