Crescent Biopharma (NASDAQ:CBIO) Shares Gap Down – What’s Next?

Crescent Biopharma, Inc. (NASDAQ:CBIO) shares gapped down before the market opened on Monday . The stock had previously closed at $20.65, but opened at $19.17. Crescent Biopharma shares last traded at $19.44, with a volume of 50,450 shares traded.

Wall Street Analyst Weigh In

CBIO has been the topic of a number of analyst reports. Wall Street Zen raised Crescent Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Weiss Ratings upgraded Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. Stifel Nicolaus set a $29.00 target price on Crescent Biopharma in a research note on Thursday, February 26th. Finally, HC Wainwright reduced their target price on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Three investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $28.00.

Crescent Biopharma Stock Down 5.1%

The stock has a market cap of $540.04 million, a price-to-earnings ratio of -1.80 and a beta of 1.17. The stock’s fifty day moving average is $19.13 and its 200-day moving average is $14.52.

Crescent Biopharma (NASDAQ:CBIO) last posted its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.85) by $0.15. The firm had revenue of $1.04 million during the quarter, compared to analyst estimates of $0.36 million. As a group, equities research analysts predict that Crescent Biopharma, Inc. will post -3.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. grew its position in shares of Crescent Biopharma by 279.1% in the 3rd quarter. Jefferies Financial Group Inc. now owns 102,714 shares of the biopharmaceutical company’s stock valued at $1,221,000 after purchasing an additional 75,618 shares during the period. Exome Asset Management LLC acquired a new stake in shares of Crescent Biopharma during the first quarter worth $2,814,000. OMERS ADMINISTRATION Corp raised its holdings in shares of Crescent Biopharma by 53.4% during the first quarter. OMERS ADMINISTRATION Corp now owns 17,800 shares of the biopharmaceutical company’s stock worth $327,000 after acquiring an additional 6,200 shares during the period. Quadrature Capital Ltd bought a new stake in Crescent Biopharma in the 4th quarter valued at $157,000. Finally, Jane Street Group LLC bought a new stake in Crescent Biopharma in the 4th quarter valued at $272,000. 75.19% of the stock is currently owned by 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.