Crescent Biopharma (CBIO) Expected to Announce Earnings on Thursday

Crescent Biopharma (NASDAQ:CBIO) is expected to be releasing its results after the market closes on Thursday, July 30th. Analysts expect the company to announce earnings of ($0.70) per share and revenue of $0.3570 million for the quarter.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings data on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.15. The company had revenue of $1.04 million during the quarter, compared to analyst estimates of $0.36 million. On average, analysts expect Crescent Biopharma to post $-3 EPS for the current fiscal year and $-3 EPS for the next fiscal year.

Crescent Biopharma Price Performance

Shares of CBIO stock opened at $15.83 on Thursday. The business’s 50 day simple moving average is $17.92 and its 200 day simple moving average is $15.60. Crescent Biopharma has a one year low of $8.72 and a one year high of $27.41. The stock has a market capitalization of $436.27 million, a PE ratio of -1.45 and a beta of 1.20.

Insiders Place Their Bets

In other news, CEO Joshua T. Brumm sold 42,305 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $761,066.95. Following the transaction, the chief executive officer owned 281,212 shares in the company, valued at approximately $5,059,003.88. This represents a 13.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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. Also, COO Jonathan Mcneill sold 20,549 shares of the 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 directly owned 139,158 shares in the company, valued at $2,503,452.42. This trade represents a 12.87% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold 68,156 shares of company stock valued at $1,226,126 over the last 90 days. Corporate insiders own 24.84% of the company’s stock.

Institutional Trading of Crescent Biopharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vestal Point Capital LP acquired a new position in Crescent Biopharma during the 4th quarter worth approximately $17,790,000. Opaleye Management Inc. bought a new position in Crescent Biopharma in the fourth quarter worth approximately $13,975,000. Tang Capital Management LLC grew its stake in Crescent Biopharma by 28.3% in the fourth quarter. Tang Capital Management LLC now owns 872,398 shares of the biopharmaceutical company’s stock valued at $10,347,000 after acquiring an additional 192,574 shares during the period. Vanguard Group Inc. acquired a new stake in Crescent Biopharma in the third quarter valued at approximately $7,822,000. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Crescent Biopharma during the fourth quarter valued at approximately $7,187,000. 75.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CBIO. HC Wainwright restated a “neutral” rating on shares of Crescent Biopharma in a research report on Thursday, July 16th. Weiss Ratings upgraded shares of Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.40.

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.