Crescent Biopharma (NASDAQ:CBIO) Earns Buy Rating from HC Wainwright

Crescent Biopharma (NASDAQ:CBIO)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research report issued on Monday, MarketBeat.com reports. They currently have a $36.00 price target on the biopharmaceutical company’s stock. HC Wainwright‘s price objective indicates a potential upside of 173.35% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Wedbush restated an “outperform” rating and issued a $27.00 price target on shares of Crescent Biopharma in a research note on Monday, September 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Friday, August 7th. Finally, TD Cowen upgraded Crescent Biopharma to a “strong-buy” rating in a research note on Monday, August 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $33.00.

Crescent Biopharma Stock Performance

CBIO stock traded up $0.10 during mid-day trading on Monday, reaching $13.17. The company had a trading volume of 250,371 shares, compared to its average volume of 301,933. The company has a market capitalization of $489.19 million, a price-to-earnings ratio of -1.96 and a beta of 1.27. The firm has a fifty day simple moving average of $16.27 and a 200 day simple moving average of $17.69. Crescent Biopharma has a fifty-two week low of $8.72 and a fifty-two week high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported ($0.74) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.74). As a group, analysts predict that Crescent Biopharma will post -2.93 earnings per share for the current year.

Insider Buying and Selling at Crescent Biopharma

In other news, CEO Joshua T. Brumm sold 7,837 shares of Crescent Biopharma stock in a transaction on Friday, September 18th. The shares were sold at an average price of $16.71, for a total value of $130,956.27. Following the transaction, the chief executive officer directly owned 271,765 shares of the company’s stock, valued at $4,541,193.15. The trade was a 2.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 3,839 shares of the business’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 directly owned 134,588 shares in the company, valued at approximately $2,248,965.48. The trade was a 2.77% 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. Insiders have sold a total of 16,726 shares of company stock worth $285,501 over the last quarter. 24.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crescent Biopharma

A number of large investors have recently modified their holdings of the business. Opaleye Management Inc. raised its stake 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 worth $23,748,000 after buying an additional 6,736 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Crescent Biopharma during the 2nd quarter worth approximately $22,892,000. Exome Asset Management LLC purchased a new position in shares of Crescent Biopharma during the 1st quarter worth approximately $2,814,000. Jennison Associates LLC acquired a new position in shares of Crescent Biopharma during the 1st quarter worth $2,810,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Crescent Biopharma during the 2nd quarter worth $824,000. 75.19% of the stock is owned by hedge funds and other institutional investors.

Crescent Biopharma Company Profile