Wedbush Reiterates “Outperform” Rating for Crescent Biopharma (NASDAQ:CBIO)

Crescent Biopharma (NASDAQ:CBIO)‘s stock had its “outperform” rating reaffirmed by stock analysts at Wedbush in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $27.00 price target on the biopharmaceutical company’s stock. Wedbush’s price target would indicate a potential upside of 39.10% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. TD Cowen upgraded shares of Crescent Biopharma to a “strong-buy” rating in a report on Monday, August 24th. HC Wainwright reiterated a “neutral” rating on shares of Crescent Biopharma in a report on Thursday, July 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Crescent Biopharma in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.60.

Crescent Biopharma Stock Performance

CBIO stock opened at $19.41 on Monday. The stock has a market cap of $720.89 million, a P/E ratio of -2.89 and a beta of 1.24. The firm has a 50 day simple moving average of $17.03 and a 200 day simple moving average of $17.27. Crescent Biopharma has a 52 week low of $8.72 and a 52 week high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last issued its 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). Sell-side analysts predict that Crescent Biopharma will post -2.91 EPS for the current year.

Insider Activity

In related news, COO Jonathan McNeill sold 20,549 shares of the business’s stock in a transaction dated 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 owned 139,158 shares of the company’s stock, valued at approximately $2,503,452.42. The trade was a 12.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 the firm’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 $5,059,003.88. This trade represents a 13.08% decrease in their position. 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. Over the last ninety days, insiders sold 68,156 shares of company stock worth $1,226,126. 24.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Crescent Biopharma

Hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc bought a new position in Crescent Biopharma during the second quarter worth $38,000. California State Teachers Retirement System acquired a new stake in Crescent Biopharma in the 2nd quarter worth $96,000. OMERS ADMINISTRATION Corp bought a new position in shares of Crescent Biopharma during the 4th quarter worth about $138,000. Bank of America Corp DE bought a new position in shares of Crescent Biopharma during the 2nd quarter worth about $149,000. Finally, HRT Financial LP bought a new position in shares of Crescent Biopharma during the 4th quarter worth about $155,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

Crescent Biopharma Company Profile

Crescent Biopharma, Inc (NASDAQ: CBIO) is a biopharmaceutical company focused on discovering and developing innovative therapies for the treatment of serious diseases. The company’s activities center on research, preclinical development and clinical evaluation of investigational drug candidates.

Crescent Biopharma does not appear to have commercially marketed products. Its pipeline consists of experimental therapies intended to address significant unmet medical needs, although detailed information about specific candidates, therapeutic areas and development stages may be limited in publicly available sources.

The company is headquartered in the United States and serves the biopharmaceutical market through its drug-development programs and potential future partnerships.