Crescent Biopharma (NASDAQ:CBIO) Issues Quarterly Earnings Results

Crescent Biopharma (NASDAQ:CBIO) released its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.04), FiscalAI reports.

Crescent Biopharma Stock Up 1.7%

Crescent Biopharma stock traded up $0.25 during mid-day trading on Thursday, hitting $15.02. 282,828 shares of the stock were exchanged, compared to its average volume of 280,067. The stock has a market capitalization of $413.95 million, a price-to-earnings ratio of -1.38 and a beta of 1.20. Crescent Biopharma has a 12 month low of $8.72 and a 12 month high of $27.41. The firm’s fifty day simple moving average is $17.61 and its two-hundred day simple moving average is $15.78.

Analysts Set New Price Targets

Several brokerages recently weighed in on CBIO. HC Wainwright reissued a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. Weiss Ratings raised Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.40.

Insiders Place Their Bets

In related news, CEO Joshua T. Brumm sold 42,305 shares of Crescent Biopharma stock in a transaction 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 transaction, the chief executive officer owned 281,212 shares of the company’s stock, valued at $5,059,003.88. This trade represents a 13.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total transaction of $369,676.51. Following the completion of the transaction, the chief operating officer owned 139,158 shares in the company, valued at approximately $2,503,452.42. The trade was a 12.87% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last ninety days, insiders sold 68,156 shares of company stock worth $1,226,126. Insiders own 24.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CBIO. State Street Corp lifted its position in Crescent Biopharma by 40.8% in the 4th quarter. State Street Corp now owns 26,217 shares of the biopharmaceutical company’s stock valued at $311,000 after acquiring an additional 7,600 shares in the last quarter. Bank of America Corp DE purchased a new position in Crescent Biopharma in the second quarter worth $149,000. OMERS ADMINISTRATION Corp bought a new position in Crescent Biopharma during the fourth quarter valued at about $138,000. HRT Financial LP purchased a new position in Crescent Biopharma in the fourth quarter valued at approximately $155,000. Finally, Quadrature Capital Ltd bought a new position in shares of Crescent Biopharma during the 4th quarter worth $157,000. 75.19% of the stock is owned by institutional investors and hedge funds.

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.