Crescent Biopharma (NASDAQ:CBIO) Price Target Raised to $40.00

Crescent Biopharma (NASDAQ:CBIO) had its target price upped by equities research analysts at HC Wainwright from $36.00 to $40.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright‘s price objective would indicate a potential upside of 178.36% from the company’s current price.

A number of other research analysts have also issued reports on CBIO. UBS Group reiterated a “buy” rating and issued a $36.00 target price on shares of Crescent Biopharma in a report on Monday, October 19th. TD Cowen upgraded Crescent Biopharma to a “strong-buy” rating in a report on Monday, August 24th. Wedbush reaffirmed an “outperform” rating and issued a $27.00 price target on shares of Crescent Biopharma in a research report on Monday, September 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Crescent Biopharma in a research note on Wednesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $33.67.

Crescent Biopharma Stock Down 2.6%

NASDAQ:CBIO opened at $14.37 on Friday. The company has a fifty day simple moving average of $14.93 and a two-hundred day simple moving average of $15.86. The company has a market cap of $533.70 million, a price-to-earnings ratio of -2.14 and a beta of 1.40. Crescent Biopharma has a 52 week low of $8.72 and a 52 week high of $27.41.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings data on Thursday, November 12th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.20). The firm had revenue of $3.12 million during the quarter, compared to analyst estimates of $0.62 million. On average, analysts expect that Crescent Biopharma will post -2.93 EPS for the current year.

Insider Buying and Selling

In other news, CEO Joshua T. Brumm sold 7,837 shares of Crescent Biopharma stock in a transaction on Friday, September 18th. The shares were sold at an average price of $16.71, for a total transaction of $130,956.27. Following the completion of the sale, the chief executive officer directly owned 271,765 shares of the company’s stock, valued at approximately $4,541,193.15. The trade was a 2.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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, COO Jonathan McNeill sold 3,839 shares of Crescent Biopharma stock in a transaction on Friday, September 18th. The stock was sold at an average price of $16.71, for a total transaction of $64,149.69. Following the sale, the chief operating officer directly owned 134,588 shares of the company’s stock, valued at approximately $2,248,965.48. This trade represents a 2.77% 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. Over the last three months, insiders sold 16,726 shares of company stock worth $285,501. Insiders own 24.84% of the company’s stock.

Hedge Funds Weigh In On Crescent Biopharma

Several large investors have recently bought and sold shares of the business. Legal & General Group Plc acquired a new stake in Crescent Biopharma in the second quarter valued at $38,000. Simplex Trading LLC purchased a new stake in Crescent Biopharma during the 3rd quarter worth about $50,000. ACT Capital Partners L.P. acquired a new position in shares of Crescent Biopharma during the 3rd quarter worth about $168,000. Persistent Asset Partners Ltd acquired a new position in shares of Crescent Biopharma during the 2nd quarter worth about $197,000. Finally, Wellington Management Group LLP acquired a new position in shares of Crescent Biopharma during the 2nd quarter worth about $263,000. Hedge funds and other institutional investors own 75.19% of the company’s stock.

Crescent Biopharma Company Profile

Crescent Biopharma is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on antibody-based treatments, including therapies designed to target tumor cells and support the body’s immune response. The company’s work is directed toward advancing oncology drug candidates through clinical development. Its pipeline and programs may change as research progresses, and its products are investigational rather than established treatments. Crescent Biopharma is focused on developing its therapies for cancer patients; detailed information about its geographic operations and leadership is not included here.