Crescent Biopharma, Inc. (NASDAQ:CBIO) Receives Average Recommendation of “Buy” from Brokerages

Crescent Biopharma, Inc. (NASDAQ:CBIO) has received a consensus recommendation of “Buy” from the nine research firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, five have given a buy rating and three have assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $28.00.

A number of equities research analysts have weighed in on CBIO shares. Stifel Nicolaus set a $29.00 target price on Crescent Biopharma in a research report on Thursday, February 26th. HC Wainwright cut their price target on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Piper Sandler began coverage on Crescent Biopharma in a report on Wednesday, January 28th. They issued an “overweight” rating and a $35.00 price objective for the company. Wall Street Zen raised shares of Crescent Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Weiss Ratings reiterated a “sell (e-)” rating on shares of Crescent Biopharma in a report on Monday, December 29th.

Crescent Biopharma Stock Performance

Shares of NASDAQ:CBIO opened at $11.04 on Tuesday. The firm’s 50 day simple moving average is $11.20 and its 200-day simple moving average is $12.11. Crescent Biopharma has a one year low of $8.72 and a one year high of $28.77. The firm has a market cap of $153.38 million, a PE ratio of -0.78 and a beta of 1.31.

Crescent Biopharma (NASDAQ:CBIO) last announced its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported ($4.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.22) by ($1.79). The company had revenue of $10.84 million during the quarter. Equities research analysts predict that Crescent Biopharma will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Crescent Biopharma

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE purchased a new position in Crescent Biopharma during the second quarter valued at approximately $149,000. OMERS ADMINISTRATION Corp purchased a new stake in Crescent Biopharma during the fourth quarter worth $138,000. HRT Financial LP purchased a new stake in Crescent Biopharma during the fourth quarter worth $155,000. Quadrature Capital Ltd bought a new stake in Crescent Biopharma during the 4th quarter valued at $157,000. Finally, Jane Street Group LLC purchased a new position in shares of Crescent Biopharma in the 4th quarter valued at $272,000. 75.19% of the stock is currently owned by institutional investors.

Crescent Biopharma Company 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-β), with the goal of restoring T-cell activity and reducing tumor fibrosis.