Crescent Biopharma (NASDAQ:CBIO) Share Price Passes Above 200-Day Moving Average – Time to Sell?

Crescent Biopharma, Inc. (NASDAQ:CBIO)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.44 and traded as high as $12.69. Crescent Biopharma shares last traded at $12.49, with a volume of 130,156 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CBIO. Piper Sandler began coverage on shares of Crescent Biopharma in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $35.00 target price for the company. Stifel Nicolaus set a $32.00 price objective on shares of Crescent Biopharma in a report on Thursday, December 4th. Guggenheim initiated coverage on shares of Crescent Biopharma in a research report on Wednesday, January 21st. They issued a “buy” rating and a $35.00 price objective for the company. Wall Street Zen lowered Crescent Biopharma from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Finally, Weiss Ratings reiterated a “sell (e-)” rating on shares of Crescent Biopharma in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Crescent Biopharma currently has an average rating of “Buy” and an average price target of $28.86.

Crescent Biopharma Stock Down 1.3%

The firm has a market capitalization of $173.49 million, a price-to-earnings ratio of -0.59 and a beta of 1.35. The stock has a 50 day moving average of $11.27 and a 200 day moving average of $12.44.

Insider Activity

In other news, Director Fairmount Funds Management Llc purchased 1,360,000 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were acquired at an average cost of $13.41 per share, with a total value of $18,237,600.00. Following the transaction, the director owned 2,747,866 shares in the company, valued at approximately $36,848,883.06. The trade was a 97.99% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.00% of the company’s stock.

Institutional Trading of Crescent Biopharma

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp boosted its holdings in shares of 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 buying an additional 7,600 shares during the period. Bank of America Corp DE bought a new position in Crescent Biopharma in the second quarter worth about $149,000. OMERS ADMINISTRATION Corp acquired a new position in Crescent Biopharma in the fourth quarter valued at approximately $138,000. HRT Financial LP acquired 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 fourth quarter valued at approximately $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.