Crescent Biopharma (NASDAQ:CBIO) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Crescent Biopharma, Inc. (NASDAQ:CBIO)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.49 and traded as high as $16.94. Crescent Biopharma shares last traded at $15.11, with a volume of 857,483 shares.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. HC Wainwright restated a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday. Weiss Ratings raised shares of Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Crescent Biopharma currently has an average rating of “Moderate Buy” and a consensus price target of $29.40.

Crescent Biopharma Stock Performance

The stock has a market capitalization of $406.51 million, a PE ratio of -1.35 and a beta of 1.20. The firm has a 50 day moving average of $18.11 and a 200-day moving average of $15.49.

Crescent Biopharma (NASDAQ:CBIO) last issued its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.15. The business had revenue of $1.04 million during the quarter, compared to analyst estimates of $0.36 million. On average, sell-side analysts predict that Crescent Biopharma, Inc. will post -3.25 earnings per share for the current year.

Insider Buying and Selling at Crescent Biopharma

In other news, CEO Joshua T. Brumm sold 42,305 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $761,066.95. Following the transaction, the chief executive officer owned 281,212 shares in the company, valued at $5,059,003.88. This represents a 13.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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. Also, COO Jonathan Mcneill sold 20,549 shares of Crescent Biopharma stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $369,676.51. Following the completion of the sale, the chief operating officer directly owned 139,158 shares of the company’s stock, valued at approximately $2,503,452.42. The trade was a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last 90 days, insiders have sold 68,156 shares of company stock worth $1,226,126. 4.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crescent Biopharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in CBIO. Fcpm Iii Services B.V. bought a new position in shares of Crescent Biopharma in the fourth quarter valued at approximately $19,899,000. Vestal Point Capital LP bought a new stake in shares of Crescent Biopharma during the 4th quarter worth $17,790,000. BVF Inc. IL grew 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 valued at $32,600,000 after buying an additional 1,360,900 shares during the last quarter. Opaleye Management Inc. acquired a new position in Crescent Biopharma in the 4th quarter valued at $13,975,000. Finally, Vanguard Group Inc. bought a new position in Crescent Biopharma in the 3rd quarter worth $7,822,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Crescent Biopharma Company Profile

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.