Crescent Biopharma (NASDAQ:CBIO) Upgraded by TD Cowen to Strong-Buy Rating

TD Cowen upgraded shares of Crescent Biopharma (NASDAQ:CBIO) to a strong-buy rating in a research note published on Monday,Zacks.com reports.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Crescent Biopharma in a research report on Friday, August 7th. HC Wainwright reaffirmed a “neutral” rating on shares of Crescent Biopharma in a research note on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.25.

Crescent Biopharma Stock Performance

Shares of NASDAQ:CBIO opened at $16.97 on Monday. The firm’s 50 day simple moving average is $16.66 and its 200-day simple moving average is $16.37. Crescent Biopharma has a one year low of $8.72 and a one year high of $27.41. The firm has a market cap of $630.27 million, a PE ratio of -2.53 and a beta of 1.23.

Crescent Biopharma (NASDAQ:CBIO) last announced 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). Equities research analysts predict that Crescent Biopharma will post -2.91 EPS for the current fiscal year.

Insider Buying and Selling at Crescent Biopharma

In other Crescent Biopharma news, COO Jonathan Mcneill sold 20,549 shares of the stock in a transaction 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 sale, the chief operating officer owned 139,158 shares of the company’s stock, valued at approximately $2,503,452.42. This trade represents a 12.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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. Also, CEO Joshua T. Brumm sold 42,305 shares of Crescent Biopharma stock in a transaction 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 transaction, the chief executive officer owned 281,212 shares in the company, valued at $5,059,003.88. This represents a 13.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 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

Large investors have recently made changes to their positions in the business. Commodore Capital LP purchased a new position in shares of Crescent Biopharma in the second quarter worth $7,322,000. Adage Capital Partners GP L.L.C. acquired a new position in shares of Crescent Biopharma in the second quarter worth about $1,629,000. Bank of America Corp DE purchased a new position in Crescent Biopharma during the second quarter worth approximately $149,000. Perceptive Advisors LLC purchased a new position in shares of Crescent Biopharma during the 2nd quarter valued at approximately $7,322,000. Finally, Soleus Capital Management L.P. purchased a new position in Crescent Biopharma during the second quarter valued at $6,456,000. 75.19% of the stock is owned by institutional investors and hedge funds.

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.