Crescent Biopharma (NASDAQ:CBIO) Trading Up 8.3% – Here’s Why

Crescent Biopharma, Inc. (NASDAQ:CBIO)’s share price shot up 8.3% on Monday . The company traded as high as $19.33 and last traded at $19.5750. 71,788 shares were traded during trading, a decline of 68% from the average session volume of 223,639 shares. The stock had previously closed at $18.07.

Wall Street Analysts Forecast Growth

CBIO has been the subject of several analyst reports. Weiss Ratings lowered shares of Crescent Biopharma from a “sell (e+)” rating to a “sell (e)” rating in a research note on Wednesday. Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Guggenheim started coverage on Crescent Biopharma in a research report on Wednesday, January 21st. They issued a “buy” rating and a $35.00 price target for the company. Piper Sandler assumed coverage on Crescent Biopharma in a research note on Wednesday, January 28th. They set an “overweight” rating and a $35.00 price target for the company. Finally, Stifel Nicolaus set a $29.00 price objective on Crescent Biopharma in a report on Thursday, February 26th. Three equities 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 stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $28.00.

Crescent Biopharma Trading Down 0.8%

The company’s fifty day moving average is $16.15 and its 200-day moving average is $13.59. The firm has a market capitalization of $493.88 million, a P/E ratio of -1.64 and a beta of 1.21.

Crescent Biopharma (NASDAQ:CBIO) last announced its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) EPS for the quarter, topping the consensus estimate of ($0.85) by $0.15. The firm had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.36 million. On average, equities research analysts anticipate that Crescent Biopharma, Inc. will post -3.33 EPS for the current year.

Institutional Trading of Crescent Biopharma

Several hedge funds have recently added to or reduced their stakes in the business. BVF Inc. IL boosted its stake in Crescent Biopharma by 98.1% during the 4th quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock valued at $32,600,000 after purchasing an additional 1,360,900 shares during the period. Fcpm Iii Services B.V. acquired a new position in shares of Crescent Biopharma during the fourth quarter worth approximately $19,899,000. Vestal Point Capital LP acquired a new position in shares of Crescent Biopharma during the fourth quarter worth approximately $17,790,000. Opaleye Management Inc. bought a new stake in shares of Crescent Biopharma in the fourth quarter valued at approximately $13,975,000. Finally, Tang Capital Management LLC grew its stake in shares of 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 acquiring an additional 192,574 shares during the last quarter. 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.