Crescent Biopharma (NASDAQ:CBIO) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Crescent Biopharma (NASDAQ:CBIO) announced its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.04), FiscalAI reports.

Crescent Biopharma Price Performance

NASDAQ:CBIO traded down $0.74 during trading hours on Friday, reaching $14.28. The company’s stock had a trading volume of 173,964 shares, compared to its average volume of 279,225. The company has a market cap of $393.38 million, a price-to-earnings ratio of -1.31 and a beta of 1.20. Crescent Biopharma has a one year low of $8.72 and a one year high of $27.41. The business’s 50-day moving average is $17.51 and its 200-day moving average is $15.81.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CBIO shares. Weiss Ratings raised Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. HC Wainwright reissued a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.40.

Insider Activity

In other Crescent Biopharma news, CEO Joshua T. Brumm sold 42,305 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $17.99, for a total transaction of $761,066.95. Following the transaction, the chief executive officer directly owned 281,212 shares in the company, valued at $5,059,003.88. This trade represents a 13.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 20,549 shares of the company’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $17.99, for a total value of $369,676.51. Following the sale, the chief operating officer owned 139,158 shares of the company’s stock, valued at approximately $2,503,452.42. This trade represents a 12.87% decrease in their position. The SEC filing for this sale provides additional information. 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. Corporate insiders own 24.84% of the company’s stock.

Institutional Investors Weigh In On Crescent Biopharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in CBIO. Bank of America Corp DE acquired a new position in Crescent Biopharma during the second quarter valued at approximately $149,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Crescent Biopharma during the 4th quarter worth $138,000. HRT Financial LP bought a new stake in shares of Crescent Biopharma during the 4th quarter worth $155,000. Quadrature Capital Ltd acquired a new position in Crescent Biopharma in the 4th quarter valued at $157,000. Finally, Jane Street Group LLC acquired a new position in Crescent Biopharma in the 4th quarter valued at $272,000. 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.