Crescent Biopharma, Inc. (NASDAQ:CBIO) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) have received an average recommendation of “Buy” from the nine ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have given a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $28.00.

Several research firms have commented on CBIO. Weiss Ratings reiterated a “sell (e-)” rating on shares of Crescent Biopharma in a report on Monday, December 29th. Stifel Nicolaus set a $29.00 target price on shares of Crescent Biopharma in a research note on Thursday, February 26th. Piper Sandler initiated coverage on shares of Crescent Biopharma in a report on Wednesday, January 28th. They set an “overweight” rating and a $35.00 target price for the company. HC Wainwright reduced their price objective on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Finally, Guggenheim began coverage on shares of Crescent Biopharma in a research report on Wednesday, January 21st. They issued a “buy” rating and a $35.00 target price for the company.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CBIO. BVF Inc. IL lifted its holdings in shares of Crescent Biopharma by 98.1% in the fourth quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock worth $32,600,000 after acquiring an additional 1,360,900 shares during the last quarter. Fcpm Iii Services B.V. bought a new position in Crescent Biopharma in the fourth quarter valued at about $19,899,000. Vestal Point Capital LP acquired a new position in shares of Crescent Biopharma in the fourth quarter valued at approximately $17,790,000. Opaleye Management Inc. acquired a new position in shares of Crescent Biopharma in the fourth quarter valued at approximately $13,975,000. Finally, Tang Capital Management LLC raised its holdings in Crescent Biopharma by 28.3% in the 4th quarter. Tang Capital Management LLC now owns 872,398 shares of the biopharmaceutical company’s stock valued at $10,347,000 after buying an additional 192,574 shares during the last quarter. Institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Trading Up 9.4%

Shares of NASDAQ CBIO opened at $21.28 on Friday. The company has a market capitalization of $295.58 million, a P/E ratio of -1.50 and a beta of 1.04. Crescent Biopharma has a 12 month low of $8.72 and a 12 month high of $28.77. The stock has a 50 day moving average of $13.55 and a 200-day moving average of $12.78.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported ($4.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.22) by ($1.79). The company had revenue of $10.84 million during the quarter. Analysts predict that Crescent Biopharma will post -0.16 EPS for the current fiscal year.

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.