Crescent Biopharma (NASDAQ:CBIO) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Crescent Biopharma (NASDAQ:CBIO) from a hold rating to a sell rating in a report released on Saturday morning.

Other equities analysts have also recently issued reports about the company. Guggenheim started coverage on Crescent Biopharma in a report on Wednesday, January 21st. They set a “buy” rating and a $35.00 price objective for the company. Stifel Nicolaus set a $32.00 price target on Crescent Biopharma in a research note on Thursday, December 4th. Weiss Ratings reiterated a “sell (e-)” rating on shares of Crescent Biopharma in a research report on Monday, December 29th. Finally, Piper Sandler began coverage on shares of Crescent Biopharma in a report on Wednesday. They set an “overweight” rating and a $35.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Crescent Biopharma currently has an average rating of “Buy” and an average target price of $28.86.

Crescent Biopharma Trading Down 5.5%

Shares of CBIO opened at $9.59 on Friday. Crescent Biopharma has a twelve month low of $9.43 and a twelve month high of $37.00. The firm has a market capitalization of $133.21 million, a P/E ratio of -0.45 and a beta of 1.35. The firm’s 50-day moving average is $12.61 and its two-hundred day moving average is $12.74.

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

Insider Activity at Crescent Biopharma

In related news, Director Fairmount Funds Management Llc acquired 1,360,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were acquired at an average price of $13.41 per share, with a total value of $18,237,600.00. Following the completion of the purchase, the director directly owned 2,747,866 shares in the company, valued at approximately $36,848,883.06. The trade was a 97.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BVF Inc. IL purchased a new stake in shares of Crescent Biopharma during the second quarter worth about $22,400,000. Vanguard Group Inc. acquired a new stake in Crescent Biopharma during the third quarter worth approximately $7,822,000. Perceptive Advisors LLC purchased a new stake in Crescent Biopharma in the 2nd quarter worth approximately $7,322,000. Commodore Capital LP acquired a new position in Crescent Biopharma in the 2nd quarter valued at $7,322,000. Finally, Frazier Life Sciences Management L.P. purchased a new position in shares of Crescent Biopharma during the 2nd quarter worth $7,322,000. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

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.