Stonepine Capital Management LLC Buys New Position in Crescent Biopharma, Inc. $CBIO

Stonepine Capital Management LLC bought a new stake in Crescent Biopharma, Inc. (NASDAQ:CBIO) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 40,000 shares of the biopharmaceutical company’s stock, valued at approximately $720,000,000.

Other large investors also recently modified their holdings of the company. Legal & General Group Plc acquired a new position in shares of Crescent Biopharma during the second quarter worth approximately $38,000. Bank of America Corp DE acquired a new stake in shares of Crescent Biopharma in the second quarter worth $149,000. Cannon Global Investment Management LLC bought a new position in Crescent Biopharma during the first quarter worth $187,000. Persistent Asset Partners Ltd bought a new position in Crescent Biopharma during the second quarter worth $197,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in Crescent Biopharma during the 4th quarter valued at $138,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Crescent Biopharma Price Performance

Shares of CBIO stock opened at $17.76 on Friday. The stock has a market cap of $659.61 million, a P/E ratio of -2.64 and a beta of 1.23. Crescent Biopharma, Inc. has a one year low of $8.72 and a one year high of $27.41. The stock has a fifty day moving average price of $16.64 and a 200 day moving average price of $16.54.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.74). Equities research analysts anticipate that Crescent Biopharma, Inc. will post -2.91 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on CBIO. HC Wainwright restated a “neutral” rating on shares of Crescent Biopharma in a research report on Thursday, July 16th. TD Cowen upgraded shares of Crescent Biopharma to a “strong-buy” rating in a research note on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Crescent Biopharma in a research report on Friday, August 7th. Finally, Wedbush restated an “outperform” rating and set a $27.00 price target on shares of Crescent Biopharma in a research note on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, two have given 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 currently has an average rating of “Moderate Buy” and an average price target of $29.60.

Insider Transactions at Crescent Biopharma

In related news, CEO Joshua T. Brumm sold 42,305 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $761,066.95. Following the completion of the transaction, the chief executive officer owned 281,212 shares of the company’s stock, valued at $5,059,003.88. This represents a 13.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 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 $369,676.51. Following the transaction, the chief operating officer owned 139,158 shares of the company’s stock, valued at approximately $2,503,452.42. This represents a 12.87% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last three months, insiders sold 68,156 shares of company stock worth $1,226,126. 24.84% of the stock is currently owned by insiders.

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.