Insider Selling: Crescent Biopharma (NASDAQ:CBIO) Insider Sells $21,929.81 in Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) insider Ellie Eunkyung Im sold 1,219 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $21,929.81. Following the transaction, the insider directly owned 22,069 shares of the company’s stock, valued at $397,021.31. The trade was a 5.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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.

Crescent Biopharma Stock Performance

Shares of NASDAQ:CBIO traded down $0.07 during trading hours on Tuesday, hitting $17.50. The stock had a trading volume of 227,100 shares, compared to its average volume of 235,713. The stock’s fifty day simple moving average is $19.83 and its 200 day simple moving average is $15.01. The firm has a market capitalization of $482.30 million, a price-to-earnings ratio of -1.60 and a beta of 1.17. Crescent Biopharma, Inc. has a 1-year low of $8.72 and a 1-year high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last announced its quarterly earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.15. The business had revenue of $1.04 million for the quarter, compared to analyst estimates of $0.36 million. As a group, research analysts anticipate that Crescent Biopharma, Inc. will post -3.25 EPS for the current year.

Institutional Trading of Crescent Biopharma

Several institutional investors have recently made changes to their positions in the stock. Jefferies Financial Group Inc. grew its position in Crescent Biopharma by 279.1% during the third quarter. Jefferies Financial Group Inc. now owns 102,714 shares of the biopharmaceutical company’s stock valued at $1,221,000 after purchasing an additional 75,618 shares in the last quarter. NEXTBio Capital Management LP purchased a new position in shares of Crescent Biopharma during the 4th quarter valued at $4,422,000. BVF Inc. IL increased its stake in shares of Crescent Biopharma by 98.1% in the fourth quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock worth $32,600,000 after acquiring an additional 1,360,900 shares during the last quarter. Fcpm Iii Services B.V. acquired a new position in shares of Crescent Biopharma in the fourth quarter worth $19,899,000. Finally, Exome Asset Management LLC purchased a new stake in shares of Crescent Biopharma during the first quarter worth $2,814,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CBIO has been the subject of several analyst reports. Stifel Nicolaus set a $29.00 target price on Crescent Biopharma in a report on Thursday, February 26th. Weiss Ratings upgraded shares of Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. HC Wainwright dropped their target price on shares of Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Finally, Wall Street Zen upgraded shares of Crescent Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. One investment analyst has 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, Crescent Biopharma currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

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.