Crescent Biopharma (NASDAQ:CBIO) Coverage Initiated by Analysts at Guggenheim

Guggenheim assumed coverage on shares of Crescent Biopharma (NASDAQ:CBIO) in a research note released on Wednesday, MarketBeat reports. The brokerage issued a buy rating and a $35.00 price target on the biopharmaceutical company’s stock.

Several other analysts also recently issued reports on the company. Wall Street Zen downgraded Crescent Biopharma from a “hold” rating to a “sell” rating in a research note on Saturday, December 6th. Stifel Nicolaus set a $32.00 target price on Crescent Biopharma in a research report on Thursday, December 4th. Finally, Weiss Ratings reaffirmed a “sell (e-)” rating on shares of Crescent Biopharma in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Crescent Biopharma currently has a consensus rating of “Buy” and an average target price of $27.83.

Crescent Biopharma Stock Performance

NASDAQ CBIO opened at $14.42 on Wednesday. The stock has a market cap of $200.29 million, a price-to-earnings ratio of -0.68 and a beta of 1.35. The business has a 50 day simple moving average of $12.84 and a 200 day simple moving average of $12.86. Crescent Biopharma has a 52-week low of $9.81 and a 52-week high of $37.00.

Crescent Biopharma (NASDAQ:CBIO) last released its quarterly earnings results on Thursday, November 6th. The biopharmaceutical company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($1.01) by ($0.26). On average, analysts predict that Crescent Biopharma will post -0.16 EPS for the current year.

Insider Transactions at Crescent Biopharma

In related news, Director Fairmount Funds Management Llc acquired 1,360,000 shares of Crescent Biopharma stock in a transaction on Thursday, December 4th. The stock was purchased at an average cost of $13.41 per share, with a total value of $18,237,600.00. Following the completion of the transaction, the director directly owned 2,747,866 shares in the company, valued at $36,848,883.06. This trade represents a 97.99% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.00% of the stock is owned by corporate insiders.

Institutional Trading of Crescent Biopharma

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE bought a new position in Crescent Biopharma in the 2nd quarter valued at about $149,000. Citadel Advisors LLC acquired a new position in shares of Crescent Biopharma in the third quarter valued at approximately $304,000. Two Sigma Investments LP bought a new position in shares of Crescent Biopharma during the third quarter worth approximately $337,000. Jefferies Financial Group Inc. acquired a new stake in Crescent Biopharma during the 2nd quarter worth approximately $437,000. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Crescent Biopharma in the 2nd quarter valued at $1,629,000. 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-β), with the goal of restoring T-cell activity and reducing tumor fibrosis.