Crescent Biopharma (NASDAQ:CBIO) Stock Price Down 5.6% – Here’s What Happened

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) fell 5.6% during mid-day trading on Wednesday . The stock traded as low as $17.99 and last traded at $17.7380. 238,361 shares changed hands during trading, a decline of 13% from the average session volume of 273,835 shares. The stock had previously closed at $18.80.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. TD Cowen raised Crescent Biopharma to a “strong-buy” rating in a research report on Monday, August 24th. Wedbush reissued an “outperform” rating and issued a $27.00 price target on shares of Crescent Biopharma in a research note on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Crescent Biopharma in a report on Friday, August 7th. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Crescent Biopharma has a consensus rating of “Moderate Buy” and a consensus price target of $29.60.

Crescent Biopharma Stock Performance

The stock’s fifty day simple moving average is $17.12 and its two-hundred day simple moving average is $17.36. The company has a market cap of $659.20 million, a price-to-earnings ratio of -2.64 and a beta of 1.24.

Crescent Biopharma (NASDAQ:CBIO) last issued its earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, hitting the consensus estimate of ($0.74). Analysts predict that Crescent Biopharma, Inc. will post -2.91 EPS for the current fiscal year.

Insider Buying and Selling at Crescent Biopharma

In other news, CEO Joshua Brumm sold 42,305 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $761,066.95. Following the transaction, the chief executive officer owned 281,212 shares of the company’s stock, valued at approximately $5,059,003.88. This trade represents a 13.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 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 $369,676.51. Following the transaction, the chief operating officer owned 139,158 shares in the company, valued at $2,503,452.42. The trade was a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 in the last three months. Company insiders own 24.84% of the company’s stock.

Institutional Investors Weigh In On Crescent Biopharma

Institutional investors and hedge funds have recently modified their holdings of the stock. Opaleye Management Inc. grew its stake in shares of Crescent Biopharma by 0.5% in the second quarter. Opaleye Management Inc. now owns 1,319,351 shares of the biopharmaceutical company’s stock valued at $23,748,000 after buying an additional 6,736 shares in the last quarter. Squarepoint Ops LLC purchased a new position in Crescent Biopharma in the 2nd quarter worth approximately $435,000. Wellington Management Group LLP purchased a new position in Crescent Biopharma in the 2nd quarter worth approximately $263,000. Stonepine Capital Management LLC purchased a new position in Crescent Biopharma in the 2nd quarter worth approximately $720,000. Finally, Bank of America Corp DE acquired a new stake in Crescent Biopharma in the second quarter valued at approximately $465,000. Hedge funds and other institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Company Profile

Crescent Biopharma, Inc (NASDAQ: CBIO) is a biopharmaceutical company focused on discovering and developing innovative therapies for the treatment of serious diseases. The company’s activities center on research, preclinical development and clinical evaluation of investigational drug candidates.

Crescent Biopharma does not appear to have commercially marketed products. Its pipeline consists of experimental therapies intended to address significant unmet medical needs, although detailed information about specific candidates, therapeutic areas and development stages may be limited in publicly available sources.

The company is headquartered in the United States and serves the biopharmaceutical market through its drug-development programs and potential future partnerships.