Crescent Biopharma (NASDAQ:CBIO) Insider Jan Pinkas Sells 1,288 Shares of Stock

Crescent Biopharma, Inc. (NASDAQ:CBIO) insider Jan Pinkas sold 1,288 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 value of $23,171.12. Following the transaction, the insider directly owned 22,239 shares of the company’s stock, valued at approximately $400,079.61. The trade was a 5.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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 Trading Down 0.4%

CBIO stock opened at $17.50 on Wednesday. The stock has a market capitalization of $482.30 million, a P/E ratio of -1.60 and a beta of 1.16. Crescent Biopharma, Inc. has a 12 month low of $8.72 and a 12 month high of $27.41. The firm has a 50-day moving average price of $19.82 and a 200-day moving average price of $15.03.

Crescent Biopharma (NASDAQ:CBIO) last posted its quarterly earnings results on Wednesday, April 29th. The biopharmaceutical company reported ($0.70) earnings per share 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 analyst estimates of $0.36 million. As a group, equities analysts predict that Crescent Biopharma, Inc. will post -3.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Crescent Biopharma

Several hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its holdings in Crescent Biopharma by 425.3% during the 1st quarter. Bank of America Corp DE now owns 29,277 shares of the biopharmaceutical company’s stock worth $538,000 after acquiring an additional 23,704 shares during the last quarter. Exome Asset Management LLC bought a new position in shares of Crescent Biopharma during the first quarter valued at $2,814,000. OMERS ADMINISTRATION Corp raised its stake in shares of Crescent Biopharma by 53.4% during the first quarter. OMERS ADMINISTRATION Corp now owns 17,800 shares of the biopharmaceutical company’s stock valued at $327,000 after acquiring an additional 6,200 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Crescent Biopharma during the first quarter worth $2,810,000. Finally, Cannon Global Investment Management LLC acquired a new position in shares of Crescent Biopharma during the first quarter worth $187,000. 75.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on CBIO. Stifel Nicolaus set a $29.00 target price on shares of Crescent Biopharma in a research note on Thursday, February 26th. Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. HC Wainwright cut their price objective on Crescent Biopharma from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Finally, Weiss Ratings raised Crescent Biopharma from a “sell (e)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. One 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

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.