HC Wainwright Cuts Crescent Biopharma (NASDAQ:CBIO) Price Target to $22.00

Crescent Biopharma (NASDAQ:CBIO) had its price objective cut by HC Wainwright from $25.00 to $22.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Several other research firms have also commented on CBIO. Wall Street Zen lowered Crescent Biopharma from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. Piper Sandler assumed coverage on Crescent Biopharma in a report on Wednesday, January 28th. They set an “overweight” rating and a $35.00 price target for the company. Weiss Ratings reaffirmed a “sell (e-)” rating on shares of Crescent Biopharma in a research note on Monday, December 29th. Stifel Nicolaus set a $29.00 price objective on Crescent Biopharma in a research report on Thursday, February 26th. Finally, Guggenheim assumed coverage on shares of Crescent Biopharma in a report on Wednesday, January 21st. They issued a “buy” rating and a $35.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $28.00.

Crescent Biopharma Stock Up 2.7%

Shares of NASDAQ:CBIO opened at $11.49 on Monday. The firm’s 50 day moving average price is $11.21 and its 200-day moving average price is $12.37. Crescent Biopharma has a twelve month low of $8.72 and a twelve month high of $28.77. The stock has a market capitalization of $159.60 million, a PE ratio of -0.81 and a beta of 1.31.

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

Hedge Funds Weigh In On Crescent Biopharma

Institutional investors have recently added to or reduced their stakes in the company. BVF Inc. IL increased its stake in Crescent Biopharma by 98.1% in the 4th 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. bought a new position in shares of Crescent Biopharma during the 4th quarter valued at approximately $19,899,000. Vestal Point Capital LP purchased a new position in shares of Crescent Biopharma in the fourth quarter valued at $17,790,000. Opaleye Management Inc. purchased a new position in shares of Crescent Biopharma in the fourth quarter valued at $13,975,000. Finally, Tang Capital Management LLC increased its position in Crescent Biopharma by 28.3% in the fourth quarter. Tang Capital Management LLC now owns 872,398 shares of the biopharmaceutical company’s stock worth $10,347,000 after purchasing an additional 192,574 shares during the last quarter. 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.