Crescent Biopharma (NASDAQ:CBIO) Stock Price Down 8% – Should You Sell?

Crescent Biopharma, Inc. (NASDAQ:CBIO) was down 8% on Wednesday . The stock traded as low as $15.19 and last traded at $15.1250. 37,051 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 293,002 shares. The stock had previously closed at $16.44.

Analyst Ratings Changes

CBIO has been the subject of a number of analyst reports. HC Wainwright reaffirmed a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. TD Cowen raised shares of Crescent Biopharma to a “strong-buy” rating in a report on Monday, August 24th. Wedbush restated an “outperform” rating and issued a $27.00 target price on shares of Crescent Biopharma in a research report on Monday, September 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Crescent Biopharma in a research report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.60.

Crescent Biopharma Stock Performance

The firm has a market cap of $516.25 million, a price-to-earnings ratio of -2.07 and a beta of 1.24. The business has a fifty day simple moving average of $17.15 and a 200-day simple moving average of $17.54.

Crescent Biopharma (NASDAQ:CBIO) last issued its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.74). On average, equities analysts anticipate that Crescent Biopharma, Inc. will post -2.91 earnings per share for the current year.

Insider Transactions at Crescent Biopharma

In other news, CEO Joshua Brumm sold 7,837 shares of the stock in a transaction on Friday, September 18th. The shares were sold at an average price of $16.71, for a total transaction of $130,956.27. Following the completion of the sale, the chief executive officer directly owned 271,765 shares in the company, valued at $4,541,193.15. This represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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. Also, COO Jonathan McNeill sold 3,839 shares of Crescent Biopharma stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $16.71, for a total value of $64,149.69. Following the completion of the transaction, the chief operating officer directly owned 134,588 shares of the company’s stock, valued at approximately $2,248,965.48. This trade represents a 2.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 16,726 shares of company stock valued at $285,501 over the last 90 days. 24.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crescent Biopharma

A number of hedge funds have recently added to or reduced their stakes in CBIO. Legal & General Group Plc acquired a new position in shares of Crescent Biopharma during the second quarter valued at about $38,000. Cannon Global Investment Management LLC bought a new stake in shares of Crescent Biopharma during the 1st quarter worth $187,000. Persistent Asset Partners Ltd purchased a new position in Crescent Biopharma in the second quarter valued at about $197,000. Wellington Management Group LLP bought a new position in Crescent Biopharma during the second quarter valued at $263,000. Finally, The Manufacturers Life Insurance Company bought a new position in Crescent Biopharma during the second quarter worth about $320,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

About Crescent Biopharma

Crescent Biopharma, Inc (NASDAQ: CBIO) is a biopharmaceutical company focused on discovering and developing innovative therapies for the treatment of serious diseases. The company’s activities center on research, preclinical development and clinical evaluation of investigational drug candidates.

Crescent Biopharma does not appear to have commercially marketed products. Its pipeline consists of experimental therapies intended to address significant unmet medical needs, although detailed information about specific candidates, therapeutic areas and development stages may be limited in publicly available sources.

The company is headquartered in the United States and serves the biopharmaceutical market through its drug-development programs and potential future partnerships.