Crescent Biopharma (NASDAQ:CBIO) CFO Richard William Scalzo Sells 1,112 Shares

Crescent Biopharma, Inc. (NASDAQ:CBIO) CFO Richard William Scalzo sold 1,112 shares of Crescent Biopharma stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $17.99, for a total value of $20,004.88. Following the completion of the sale, the chief financial officer directly owned 20,298 shares in the company, valued at $365,161.02. This trade represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 Down 0.4%

Crescent Biopharma stock traded down $0.07 during midday trading on Tuesday, reaching $17.50. 227,100 shares of the stock traded hands, compared to its average volume of 235,713. The stock’s fifty day moving average is $19.83 and its 200-day moving average is $15.01. Crescent Biopharma, Inc. has a 12 month low of $8.72 and a 12 month high of $27.41. The stock has a market cap of $482.30 million, a P/E ratio of -1.60 and a beta of 1.17.

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

Wall Street Analysts Forecast Growth

CBIO has been the topic of a number of recent research reports. Wall Street Zen raised shares of Crescent Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. 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. Stifel Nicolaus set a $29.00 price target on shares of Crescent Biopharma in a report on Thursday, February 26th. Finally, HC Wainwright dropped their price target 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. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Crescent Biopharma currently has an average rating of “Moderate Buy” and an average target price of $29.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE bought a new position in shares of Crescent Biopharma in the 2nd quarter worth $149,000. Cannon Global Investment Management LLC bought a new stake in Crescent Biopharma during the first quarter valued at about $187,000. OMERS ADMINISTRATION Corp bought a new stake 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 about $155,000. Finally, Quadrature Capital Ltd bought a new position in Crescent Biopharma in the fourth quarter worth about $157,000. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

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.