Crescent Biopharma (NASDAQ:CBIO) CEO Joshua Brumm Sells 42,305 Shares

Crescent Biopharma, Inc. (NASDAQ:CBIO) CEO Joshua Brumm sold 42,305 shares of the business’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 transaction, the chief executive officer owned 281,212 shares of the company’s stock, valued at $5,059,003.88. This represents a 13.08% 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.

Crescent Biopharma Price Performance

Shares of CBIO opened at $17.50 on Wednesday. Crescent Biopharma, Inc. has a 12 month low of $8.72 and a 12 month high of $27.41. The stock has a fifty day moving average price of $19.82 and a 200 day moving average price of $15.03. The company has a market cap of $482.30 million, a P/E ratio of -1.60 and a beta of 1.16.

Crescent Biopharma (NASDAQ:CBIO) last posted its earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.15. The company had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.36 million. As a group, research analysts anticipate that Crescent Biopharma, Inc. will post -3.25 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Weiss Ratings upgraded shares of Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Stifel Nicolaus set a $29.00 price objective on Crescent Biopharma in a report on Thursday, February 26th. Finally, HC Wainwright lowered their target price on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Crescent Biopharma currently has an average rating of “Moderate Buy” and an average target price of $29.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Fcpm Iii Services B.V. acquired a new stake in Crescent Biopharma during the fourth quarter valued at approximately $19,899,000. Vestal Point Capital LP bought a new stake in Crescent Biopharma during the fourth quarter worth approximately $17,790,000. BVF Inc. IL grew its position in Crescent Biopharma by 98.1% in the fourth quarter. BVF Inc. IL now owns 2,748,763 shares of the biopharmaceutical company’s stock worth $32,600,000 after buying an additional 1,360,900 shares during the last quarter. Opaleye Management Inc. acquired a new position in Crescent Biopharma in the fourth quarter worth approximately $13,975,000. Finally, Vanguard Group Inc. bought a new position in shares of Crescent Biopharma in the third quarter valued at $7,822,000. 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.