Insider Selling: Crescent Biopharma (NASDAQ:CBIO) CEO Sells $761,066.95 in Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) CEO Joshua Brumm sold 42,305 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $761,066.95. Following the completion of the sale, the chief executive officer owned 281,212 shares in the company, valued at approximately $5,059,003.88. The trade was a 13.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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.

Crescent Biopharma Stock Performance

Shares of NASDAQ:CBIO opened at $16.99 on Friday. Crescent Biopharma, Inc. has a 52-week low of $8.72 and a 52-week high of $27.41. The company has a market capitalization of $468.24 million, a PE ratio of -1.56 and a beta of 1.16. The company has a fifty day moving average of $19.76 and a 200-day moving average of $15.09.

Crescent Biopharma (NASDAQ:CBIO) last issued its quarterly earnings data on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.15. The business had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.36 million. On average, equities analysts forecast that Crescent Biopharma, Inc. will post -3.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Crescent Biopharma

Several institutional investors have recently made changes to their positions in CBIO. OMERS ADMINISTRATION Corp bought a new position in shares of Crescent Biopharma in the 4th quarter worth $138,000. Bank of America Corp DE bought a new stake in Crescent Biopharma during the 2nd quarter valued at $149,000. HRT Financial LP bought a new stake in Crescent Biopharma during the 4th quarter valued at $155,000. Quadrature Capital Ltd acquired a new position in Crescent Biopharma during the fourth quarter worth $157,000. Finally, Cannon Global Investment Management LLC acquired a new position in Crescent Biopharma during the first quarter worth $187,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. HC Wainwright lowered their target price on shares of Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Stifel Nicolaus set a $29.00 price objective on Crescent Biopharma in a research report on Thursday, February 26th. Finally, Weiss Ratings raised Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

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.