Crescent Biopharma (NASDAQ:CBIO) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of Crescent Biopharma (NASDAQ:CBIO) in a research report report published on Wednesday, Marketbeat Ratings reports. The firm issued a strong-buy rating and a $35.00 price target on the biopharmaceutical company’s stock.

Other analysts have also recently issued reports about the stock. Guggenheim assumed coverage on shares of Crescent Biopharma in a research note on Wednesday, January 21st. They set a “buy” rating and a $35.00 price target on the stock. Weiss Ratings reissued a “sell (e-)” rating on shares of Crescent Biopharma in a research note on Monday, December 29th. Stifel Nicolaus set a $32.00 price target on Crescent Biopharma in a research note on Thursday, December 4th. Finally, Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a report on Friday, January 23rd. Three analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $28.86.

Crescent Biopharma Trading Up 0.8%

NASDAQ CBIO traded up $0.09 during trading hours on Wednesday, reaching $10.82. 22,266 shares of the company’s stock were exchanged, compared to its average volume of 154,187. The firm has a fifty day moving average of $12.74 and a 200-day moving average of $12.78. The stock has a market cap of $150.29 million, a PE ratio of -0.51 and a beta of 1.35. Crescent Biopharma has a one year low of $9.81 and a one year high of $37.00.

Crescent Biopharma (NASDAQ:CBIO) last released 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). As a group, research analysts forecast that Crescent Biopharma will post -0.16 EPS for the current year.

Insider Buying and Selling at Crescent Biopharma

In other news, Director Fairmount Funds Management Llc acquired 1,360,000 shares of Crescent Biopharma 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 purchase, the director directly owned 2,747,866 shares of the company’s stock, valued at $36,848,883.06. The trade was a 97.99% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 8.70% of the stock is owned by corporate insiders.

Institutional Trading of Crescent Biopharma

A number of large investors have recently bought and sold shares of CBIO. Bank of America Corp DE acquired a new position in shares of Crescent Biopharma in the second quarter valued at approximately $149,000. Citadel Advisors LLC acquired a new position in Crescent Biopharma in the 3rd quarter worth $304,000. Jefferies Financial Group Inc. acquired a new stake in shares of Crescent Biopharma in the 2nd quarter valued at about $437,000. Two Sigma Investments LP bought a new stake in shares of Crescent Biopharma in the third quarter valued at about $337,000. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Crescent Biopharma in the second quarter valued at about $1,629,000. 75.19% of the stock is owned by 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.