Crescent Biopharma (NASDAQ:CBIO) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Crescent Biopharma (NASDAQ:CBIO) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

A number of other research firms have also weighed in on CBIO. Stifel Nicolaus set a $32.00 price objective on Crescent Biopharma in a research note on Thursday, December 4th. Weiss Ratings reissued a “sell (e-)” rating on shares of Crescent Biopharma in a report on Monday, December 29th. Guggenheim initiated coverage on shares of Crescent Biopharma in a research note on Wednesday, January 21st. They set a “buy” rating and a $35.00 target price on the stock. Finally, Piper Sandler assumed coverage on shares of Crescent Biopharma in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $35.00 price target for the company. Three research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $28.86.

Crescent Biopharma Trading Up 2.4%

CBIO opened at $9.82 on Friday. Crescent Biopharma has a twelve month low of $9.43 and a twelve month high of $37.00. The firm has a market capitalization of $136.43 million, a PE ratio of -0.46 and a beta of 1.35. The firm’s 50-day moving average price is $12.53 and its 200 day moving average price is $12.72.

Crescent Biopharma (NASDAQ:CBIO) last released its earnings results on Thursday, November 6th. The biopharmaceutical company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.26). As a group, analysts predict that Crescent Biopharma will post -0.16 earnings per share for the current fiscal year.

Insider Activity at Crescent Biopharma

In other Crescent Biopharma news, Director Fairmount Funds Management Llc acquired 1,360,000 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was purchased at an average price of $13.41 per share, for a total transaction of $18,237,600.00. Following the completion of the acquisition, the director owned 2,747,866 shares of the company’s stock, valued at approximately $36,848,883.06. This trade represents a 97.99% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Crescent Biopharma

Institutional investors have recently modified their holdings of the business. Bank of America Corp DE acquired a new stake in shares of Crescent Biopharma in the second quarter valued at $149,000. Citadel Advisors LLC acquired a new stake in Crescent Biopharma in the 3rd quarter valued at about $304,000. Two Sigma Investments LP acquired a new stake in Crescent Biopharma in the 3rd quarter valued at about $337,000. Jefferies Financial Group Inc. purchased a new position in shares of Crescent Biopharma in the 2nd quarter valued at about $437,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Crescent Biopharma during the second quarter worth about $1,629,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

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.