Crescent Biopharma (NASDAQ:CBIO) Announces Earnings Results

Crescent Biopharma (NASDAQ:CBIO) posted its quarterly earnings data on Wednesday. The biopharmaceutical company reported ($0.70) EPS for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.15, FiscalAI reports. The business had revenue of $1.04 million during the quarter, compared to analyst estimates of $0.36 million.

Crescent Biopharma Stock Up 5.5%

Shares of CBIO stock traded up $1.16 during mid-day trading on Thursday, reaching $22.10. The company’s stock had a trading volume of 72,337 shares, compared to its average volume of 213,645. The company’s 50 day simple moving average is $15.93 and its 200-day simple moving average is $13.48. Crescent Biopharma has a 12-month low of $8.72 and a 12-month high of $28.77. The firm has a market capitalization of $306.98 million, a PE ratio of -1.55 and a beta of 1.04.

Analyst Ratings Changes

Several brokerages have weighed in on CBIO. Piper Sandler began coverage on shares of Crescent Biopharma in a research report on Wednesday, January 28th. They set an “overweight” rating and a $35.00 target price on the stock. Stifel Nicolaus set a $29.00 price objective on shares of Crescent Biopharma in a research note on Thursday, February 26th. Guggenheim started coverage on shares of Crescent Biopharma in a research note on Wednesday, January 21st. They set a “buy” rating and a $35.00 price objective on the stock. HC Wainwright reduced their price objective on shares of Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Finally, Wall Street Zen raised shares of Crescent Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Three research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $28.00.

Hedge Funds Weigh In On Crescent Biopharma

A number of hedge funds have recently made changes to their positions in CBIO. Commodore Capital LP purchased a new position in shares of Crescent Biopharma in the 2nd quarter valued at $7,322,000. Adage Capital Partners GP L.L.C. acquired a new stake in Crescent Biopharma during the 2nd quarter valued at $1,629,000. Bank of America Corp DE acquired a new stake in Crescent Biopharma during the 2nd quarter valued at $149,000. Perceptive Advisors LLC acquired a new stake in Crescent Biopharma during the 2nd quarter valued at $7,322,000. Finally, Soleus Capital Management L.P. acquired a new stake in Crescent Biopharma during the 2nd quarter valued at $6,456,000. Hedge funds and other institutional investors own 75.19% of the company’s stock.

About Crescent Biopharma

Crescent Biopharma, Inc (NASDAQ: CBIO) is a 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.