Crescent Biopharma (NASDAQ:CBIO) Shares Climb 9.3% – Here’s Why

Shares of Crescent Biopharma, Inc. (NASDAQ:CBIO) rose 9.3% during mid-day trading on Thursday. The stock traded as high as $14.94 and last traded at $14.7550. 131,644 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 299,943 shares. The stock had previously closed at $13.50.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CBIO shares. Weiss Ratings restated a “sell (d-)” rating on shares of Crescent Biopharma in a report on Friday, August 7th. HC Wainwright reissued a “buy” rating and set a $36.00 price objective on shares of Crescent Biopharma in a report on Monday, October 19th. UBS Group reissued a “buy” rating and issued a $36.00 price objective on shares of Crescent Biopharma in a research note on Monday, October 19th. Wedbush restated an “outperform” rating and issued a $27.00 target price on shares of Crescent Biopharma in a report on Monday, September 14th. Finally, TD Cowen raised Crescent Biopharma to a “strong-buy” rating in a research report on Monday, August 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $33.00.

Crescent Biopharma Stock Performance

The stock has a market cap of $543.77 million, a price-to-earnings ratio of -2.15 and a beta of 1.27. The stock’s 50-day simple moving average is $15.74 and its two-hundred day simple moving average is $15.80.

Crescent Biopharma (NASDAQ:CBIO) last released 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). As a group, research analysts predict that Crescent Biopharma, Inc. will post -2.93 earnings per share for the current year.

Insider Transactions at Crescent Biopharma

In related news, COO Jonathan McNeill sold 3,839 shares of the business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $16.71, for a total transaction of $64,149.69. Following the completion of the transaction, the chief operating officer owned 134,588 shares of the company’s stock, valued at approximately $2,248,965.48. The trade was a 2.77% 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 Brumm sold 7,837 shares of the business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $16.71, for a total value of $130,956.27. Following the transaction, the chief executive officer directly owned 271,765 shares of the company’s stock, valued at $4,541,193.15. This represents a 2.80% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 sold 16,726 shares of company stock worth $285,501 over the last quarter. 24.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CBIO. BlackRock Inc. bought a new position in shares of Crescent Biopharma during the 2nd quarter worth about $22,892,000. Exome Asset Management LLC bought a new position in Crescent Biopharma during the first quarter valued at about $2,814,000. Jennison Associates LLC acquired a new position in Crescent Biopharma in the 1st quarter valued at approximately $2,810,000. Bank of New York Mellon Corp acquired a new position in Crescent Biopharma in the 2nd quarter valued at approximately $824,000. Finally, Stonepine Capital Management LLC bought a new stake in shares of Crescent Biopharma in the 2nd quarter worth approximately $720,000. 75.19% of the stock is owned by institutional investors.

Crescent Biopharma Company Profile

Crescent Biopharma, Inc operates as a biopharmaceutical company that develops and designs small molecule therapeutics to treat cancers. The company was founded on September 19, 2024 and is headquartered in Waltham, MA.