Crescent Biopharma (CBIO) Expected to Announce Quarterly Earnings on Thursday

Crescent Biopharma (NASDAQ:CBIO) is anticipated to post its results after the market closes on Thursday, July 30th. Analysts expect Crescent Biopharma to post earnings of ($0.70) per share and revenue of $0.3570 million for the quarter.

Crescent Biopharma (NASDAQ:CBIO) last issued 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 company had revenue of $1.04 million for the quarter, compared to analyst estimates of $0.36 million. On average, analysts expect Crescent Biopharma to post $-3 EPS for the current fiscal year and $-3 EPS for the next fiscal year.

Crescent Biopharma Trading Down 2.9%

CBIO stock opened at $16.44 on Wednesday. The firm has a 50 day moving average of $17.69 and a 200-day moving average of $15.76. Crescent Biopharma has a 12-month low of $8.72 and a 12-month high of $27.41. The company has a market cap of $453.09 million, a price-to-earnings ratio of -1.51 and a beta of 1.20.

Analyst Ratings Changes

Several equities analysts recently weighed in on CBIO shares. HC Wainwright reaffirmed a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. Weiss Ratings raised Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Crescent Biopharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.40.

Insider Activity

In related news, COO Jonathan Mcneill sold 20,549 shares of Crescent Biopharma stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $17.99, for a total transaction of $369,676.51. Following the completion of the transaction, the chief operating officer directly owned 139,158 shares in the company, valued at $2,503,452.42. The trade was a 12.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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. Also, CEO Joshua T. Brumm sold 42,305 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $17.99, for a total value of $761,066.95. Following the completion of the sale, the chief executive officer directly owned 281,212 shares in the company, valued at approximately $5,059,003.88. The trade was a 13.08% 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 68,156 shares of company stock worth $1,226,126 in the last ninety days. Insiders own 24.84% of the company’s stock.

Hedge Funds Weigh In On Crescent Biopharma

Several hedge funds have recently bought and sold shares of the stock. Alyeska Investment Group L.P. purchased a new stake in shares of Crescent Biopharma in the fourth quarter valued at $3,109,000. Adage Capital Partners GP L.L.C. purchased a new stake in Crescent Biopharma during the 2nd quarter worth about $1,629,000. Balyasny Asset Management L.P. purchased a new stake in Crescent Biopharma during the 4th quarter worth about $1,325,000. Geode Capital Management LLC raised its stake in Crescent Biopharma by 31.7% in the 4th quarter. Geode Capital Management LLC now owns 91,079 shares of the biopharmaceutical company’s stock valued at $1,081,000 after purchasing an additional 21,945 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in Crescent Biopharma in the 4th quarter valued at about $734,000. Hedge funds and other institutional investors own 75.19% of the company’s stock.

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.