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

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) have been given a consensus recommendation of “Buy” by the nine brokerages that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $28.00.

A number of research firms recently commented on CBIO. HC Wainwright lowered their price target on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Weiss Ratings lowered Crescent Biopharma from a “sell (e+)” rating to a “sell (e)” rating in a research report on Wednesday, April 29th. Stifel Nicolaus set a $29.00 target price on Crescent Biopharma in a research report on Thursday, February 26th. Piper Sandler started coverage on Crescent Biopharma in a research report on Wednesday, January 28th. They set an “overweight” rating and a $35.00 target price for the company. Finally, Guggenheim started coverage on Crescent Biopharma in a research report on Wednesday, January 21st. They set a “buy” rating and a $35.00 target price for the company.

Crescent Biopharma Trading Down 0.3%

NASDAQ CBIO opened at $18.46 on Wednesday. The firm has a market capitalization of $508.76 million, a P/E ratio of -1.69 and a beta of 1.21. The business has a fifty day simple moving average of $16.89 and a 200 day simple moving average of $13.84. Crescent Biopharma has a 12 month low of $8.72 and a 12 month high of $27.50.

Crescent Biopharma (NASDAQ:CBIO) last released its quarterly earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) EPS for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.15. The company had revenue of $1.04 million during the quarter, compared to analysts’ expectations of $0.36 million. As a group, sell-side analysts predict that Crescent Biopharma will post -3.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Crescent Biopharma

Several large investors have recently made changes to their positions in CBIO. Jennison Associates LLC bought a new position in shares of Crescent Biopharma during the 1st quarter worth $2,810,000. Cannon Global Investment Management LLC bought a new position in shares of Crescent Biopharma during the 1st quarter worth $187,000. ADAR1 Capital Management LLC bought a new position in shares of Crescent Biopharma during the 4th quarter worth $7,187,000. Vestal Point Capital LP bought a new position in shares of Crescent Biopharma during the 4th quarter worth $17,790,000. Finally, Tang Capital Management LLC grew its stake in shares of Crescent Biopharma by 28.3% during the 4th quarter. Tang Capital Management LLC now owns 872,398 shares of the biopharmaceutical company’s stock worth $10,347,000 after acquiring an additional 192,574 shares during the period. 75.19% of the stock is owned by hedge funds and other institutional investors.

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.