Crescent Biopharma (NASDAQ:CBIO) Stock Price Down 6.7% – Here’s Why

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) traded down 6.7% during trading on Tuesday. The company traded as low as $13.62 and last traded at $13.4860. 49,746 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 302,380 shares. The stock had previously closed at $14.46.

Analysts Set New Price Targets

Several analysts recently weighed in on CBIO shares. Wedbush reiterated an “outperform” rating and issued a $27.00 price target on shares of Crescent Biopharma in a report on Monday, September 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crescent Biopharma in a research report on Friday, August 7th. TD Cowen upgraded shares of Crescent Biopharma to a “strong-buy” rating in a report on Monday, August 24th. Finally, HC Wainwright upgraded shares of Crescent Biopharma from a “neutral” rating to a “buy” rating and set a $36.00 price objective for the company in a report on Tuesday, October 6th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $32.40.

Crescent Biopharma Price Performance

The stock’s 50 day moving average is $16.76 and its 200-day moving average is $17.83. The company has a market capitalization of $491.59 million, a P/E ratio of -1.98 and a beta of 1.27.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings data on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share for the quarter, meeting the consensus estimate of ($0.74). On average, equities research analysts anticipate that Crescent Biopharma, Inc. will post -2.93 EPS for the current year.

Insider Activity at Crescent Biopharma

In other news, CEO Joshua Brumm sold 7,837 shares of the stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $16.71, for a total value of $130,956.27. Following the completion of the transaction, the chief executive officer owned 271,765 shares of the company’s stock, valued at approximately $4,541,193.15. This represents a 2.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 3,839 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $16.71, for a total value of $64,149.69. Following the completion of the transaction, the chief operating officer owned 134,588 shares of the company’s stock, valued at approximately $2,248,965.48. The trade was a 2.77% 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 a total of 16,726 shares of company stock valued at $285,501 in the last three months. Corporate insiders own 24.84% of the company’s stock.

Hedge Funds Weigh In On Crescent Biopharma

Institutional investors have recently added to or reduced their stakes in the company. BVF Inc. IL lifted its position in Crescent Biopharma by 98.1% during the fourth quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock valued at $32,600,000 after buying an additional 1,360,900 shares during the period. Opaleye Management Inc. boosted its holdings in shares of Crescent Biopharma by 0.5% during the 2nd 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. BlackRock Inc. purchased a new stake in shares of Crescent Biopharma in the 2nd quarter worth about $22,892,000. Fcpm Iii Services B.V. purchased a new stake in shares of Crescent Biopharma in the 4th quarter worth about $19,899,000. Finally, Exome Asset Management LLC purchased a new stake in shares of Crescent Biopharma in the 1st quarter worth about $2,814,000. Institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Company Profile